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iBio Reports Fiscal First Quarter 2021 Financial Results and Provides Corporate Update
BRYAN, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing
About this update from Ibio, Inc.
[{"type":"text","content":"BRYAN, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, today announced its financial results for the fiscal quarter ended September 30, 2020.\n “We made tremendous strides during the first few months of Fiscal Year 2021 in executing our strategy to transform iBio from a modestly performing contract manufacturer into a dynamic, diversified, innovative biotechnology company,” said Tom Isett, Chairman & CEO of iBio. Fiscal First Quarter and Recent Business Developments: Research & Bioprocessing Products (“RBP”) In October 2020, iBio entered into an agreement with Safi Biosolutions, Inc. (“Safi”) to evaluate iBio’s FastPharming® System for the expression of key proteins to be used in the bioprocessing of Safi blood cell therapy products. To-date, iBio has already demonstrated the ability to express more than a dozen recombinant proteins related to the project. The Company plans to commercialize cytokines and growth factors not designated as “customs” for the Safi bioprocess and offer them as part of iBio’s new catalog of proteins for research and further manufacturing uses. Vaccines In August 2020, the Company announced that IBIO-201 demonstrated an ability to elicit an anti-SARS-CoV-2 immune response in preclinical studies.In September 2020, iBio selected IBIO-201 as its leading candidate for the prevention of SARS-CoV-2 infection.The Company continues preclinical development of its Virus Like Particle (VLP) platform as well as IBIO-400, a subunit vaccine for classical swine fever. Additionally, iBio has selected a Contract Research Organization to support toxicology studies for IBIO-201, and initiated discussions with the U.S. Food and Drug Administration regarding the Company’s COVID-19 vaccine programs. Therapeutics In August 2020, iBio entered into an exclusive worldwide license agreement with Planet Biotechnology Inc., for the development of a COVID-19 therapeutic candidate based on an ACE2-Fc immunoadhesin. Contract Development and Manufacturing (“CDMO”) Services Increased revenues approximately 280% over Q1 FY2020. “We demonstrated our biopharmaceutical candidate development capabilities by creating, in-licensing, or advancing two vaccines and two therapeutics,” commented Mr. Isett. “Meanwhile, the Safi partners...