Shares of Newark-based IBio Inc. ended the week at $1.16 as speculation over companies involved in the fight against EBola waned.
Shares closed the week at $1.16 after trading as high as $3-plus in the past month or so.
Earlier, IBio released a statement on the ability of its iBioLaunch platform patents and related proprietary technology to further development and production of antibodies that target the Ebola virus, and that iBio has an ongoing relationship with Texas-based Caliber Biotherapeutics LLC. The mid-term elections also put Ebola in the spotlight, with unsuccessful GOP candidate Kevin Wade going after U.S. Sen, Chris Coons on his stance.
” iBio and Caliber have been collaborating on commercial opportunities for recombinant antibodies and antibody-related proteins based on the speed, efficiency, and cost advantages of producing pharmaceutical proteins in plants,” the company stated.
iBio confirmed that it has offered to assist the U.S. government by making its proprietary technology available for emergency use to enable the manufacture and yield optimization of certain experimental antibody-based drugs that address the current Ebola virus outbreak, to the extent such assistance is requested by the government.
Shares soared and plunged on the news, with the action on the down side in recent weeks.
Such surges and declines are not uncommon for small cap stocks where investors can place big bets for relatively modest sums, at least by Wall Street standards. The surge came despite any announcements at the time from iBio.
The roller coaster pattern of the stock price led to numerous lawsuits filed by firms that specialize in getting settlements over alleged charges of stock manipulation and other practices, whether such practices are confirmed or not.
IBio, working with Fraunhofer Center for Molecular Biotechnology in Newark, has developed plant-based technology that can more rapidly bring vaccines to market. The system, that uses robotics and other technology, can rapidly grow plants that can be extracted for proteins used to make drugs, that include vaccines.
Last year IBio struck a deal with GE Healthcare to use its technology in building a plant-based vaccine plant in Brazil.
IBio, which has struggled to keep its stock listing, after falling below minimum capital levels, reached an agreement with Aspire Capital on the purchase of $10 million in stock. Shares are traded on the New York Stock Exchange. (The owners of DelawareBusinessDaily.com do not own shares of IBio)
