iBio, Inc. announced an equity offering as it works to meet listing requirements on the New York Exchange.
The Newark-based developer of plant-based vaccine technologies reported the the pricing of an underwritten public offering of 8,925,000 units at $0.48 per unit for gross proceeds of approximately $4,280,000. Stock in iBio was trading at 42 cents a share at the close on Monday.
Each unit consists of one share of common stock and 0.40 of a warrant to purchase one share and can be exercised from the date of issuance and will expire on the third anniversary of the issuance date.
iBio plans to use proceeds of the offering for working capital, including further development of iBio’s product candidates and technology, business development and for other general corporate purposes. Roth Capital Partners is acting as sole manager for the offering. iBio expects to close the transaction on or about April 26, 2013. iBio has fallen below the minimum capital required for listing on the exchange and announced it would work to meet the requirements.