A promising bio-technology company, based in Newark, has completed a nearly $8 million private placement of stock.
iBio, Inc. disclosed that the private placement was fully subscribed to the maximum limit of the terms. Stock in the company trades in the over-the-counter market. You can find the stock on our home pages at IBPM.OB
Each share of its common stock was sold at a price of $2 per share, and each investor was issued a warrant representing the right to purchase the same number of shares purchased at a cash exercise price of $2.20 per share for a period of five years. Net proceeds to the company are approximately $7.4 million.
iBio, Inc. is a commercializing its iBioLaunch technology platform for the production of proteins, using plant-derived proteins. Applications include vaccines for infectious diseases.
Advantages, according to the company, are significantly lower capital and process costs, and the technology is ideally suited to infectious disease applications.
iBio owns the intellectual property/technology developed at the not-for-profit Newark-based Fraunhofer USA Center for Molecular Biotechnology. It is refining mass production of its system, including the use of robotics to quickly grow and tend to plants.
The company earlier struck a deal with GE Healthcare, the UK-based business of the industrial giant, aimed at helping the technology move more quickly into world markets.
