Ibio Inc
F:0JV
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Ibio Inc
F:0JV
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US |
Ibio Inc
iBio, Inc. is a biotechnology company, which engages in the development and manufacture of biotherapeutics. The company is headquartered in New York City, New York and currently employs 105 full-time employees. The company went IPO on 2008-08-18. The firm is focusing its technologies on the research and development of novel products at its Drug Discovery Center in California. The firm through its FastPharming Manufacturing System and GlycaneeringSM Technologies develop its portfolio of proprietary biologic drug candidates. The firm operates through two segments: Biopharmaceuticals, and Bioprocessing. Its Biopharmaceuticals segment is engaged in large molecule discovery, development, and licensing activities. Its Bioprocessing segment is engaged in contract development and manufacturing services for recombinant proteins. Its pipeline includes IBIO-100, IBIO-101, IBIO-202, and IBIO-400. Its subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with GlycaneeringSM Development Services.
iBio, Inc. is a biotechnology company, which engages in the development and manufacture of biotherapeutics. The company is headquartered in New York City, New York and currently employs 105 full-time employees. The company went IPO on 2008-08-18. The firm is focusing its technologies on the research and development of novel products at its Drug Discovery Center in California. The firm through its FastPharming Manufacturing System and GlycaneeringSM Technologies develop its portfolio of proprietary biologic drug candidates. The firm operates through two segments: Biopharmaceuticals, and Bioprocessing. Its Biopharmaceuticals segment is engaged in large molecule discovery, development, and licensing activities. Its Bioprocessing segment is engaged in contract development and manufacturing services for recombinant proteins. Its pipeline includes IBIO-100, IBIO-101, IBIO-202, and IBIO-400. Its subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with GlycaneeringSM Development Services.
Acquisition: iBio closed a transaction to acquire RubrYc's AI-driven discovery platform and related assets, including IBIO-101, Target 6 and four additional programs, for ~ $1.0 million in iBio stock plus up to $5.0 million in milestone payments over five years.
Platform: Management says RubrYc's platform (epitope modeling, a human antibody library, and AI-enabled optimization) accelerates discovery against hard-to-drug targets and already produced Target 6 and leads for IBIO-101.
Lead program timing: Pre-IND work on IBIO-101 is underway; management now expects to file an IND in the first half of calendar 2024.
Setback: IBIO-202 (nucleocapsid COVID vaccine) failed to protect in IND-enabling challenge studies in naive hamsters, so iBio will not pursue the planned IND this year.
Finances & runway: FY2022 revenue was ~$2.4 million; consolidated net loss was ~$50.3 million; cash and investments were ~$39.5 million as of June 30, 2022. Management says they are evaluating options to extend runway beyond the prior Sept 30, 2023 guidance and believe they can extend it 12 months or more but give no guarantee.
Cost and prioritization: Company plans a portfolio review, may discontinue or partner certain programs (IBIO-202 clinical plans were discontinued) and is considering asset sales, partnerships, cost reductions and both non-dilutive and dilutive financing.
Corporate actions: Board approved a 1-for-25 reverse stock split effective Oct 7, 2022; trading on post-split basis begins Oct 10, 2022.
