iBio, Inc. Announces Pricing of $4.5 Million Public Offering
06 December 2023 - 12:00AM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), today announced
the pricing of its reasonable best efforts public offering of
2,250,000 of its shares of common stock (or common stock
equivalents in lieu thereof) and accompanying Series C and Series D
warrants to purchase up to an aggregate of 2,250,000 shares of
common stock at a combined public offering price of $2.00,
resulting in gross proceeds of approximately $4.5 million. The
Series C Warrants to purchase up to an aggregate of 2,250,000
shares of common stock and Series D Warrants to purchase up to an
aggregate of 2,250,000 shares of common stock will have an exercise
price of $2.00 per share, will be exercisable immediately following
the date of issuance and will expire two years and five years from
the original issuance date, respectively.
The closing of the offering is expected to occur
on or about December 7, 2023, subject to the satisfaction of
customary closing conditions. The Company intends to use the net
proceeds from this offering primarily for working capital and
general corporate purposes, including for research and development
and other trial preparation expenses and, retention and severance
payments to certain of its employees or former employees. The
Company may also use a portion of the net proceeds to invest in or
acquire other products, businesses or technologies, although it has
no commitments or agreements with respect to any such investments
or acquisitions as of the date of this press release.
A.G.P./Alliance Global Partners is acting
as the lead placement agent for the offering. Brookline Capital
Markets, a division of Arcadia Securities, LLC is acting as
co-placement agent for the offering.
A registration statement on Form S-1, as amended
(No. 333-275204) (“Form S-1”), relating to the offering was filed
with the Securities and Exchange Commission (“SEC”), and it was
declared effective on December 4, 2023. The offering is being made
only by means of a prospectus forming part of the effective
registration statement. Copies of the preliminary prospectus and,
when available, copies of the final prospectus, relating to the
offering may be obtained on the SEC’s website located at
http://www.sec.gov. Electronic copies of the final prospectus
relating to the offering may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation, or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About iBio, Inc.
iBio develops next-generation biopharmaceuticals
using computational biology and 3D-modeling of subdominant and
conformational epitopes, prospectively enabling the discovery of
new antibody treatments for hard-to-target cancers and other
diseases. iBio’s mission is to decrease drug failures, shorten drug
development timelines, and open up new frontiers against the most
promising targets. For more information, visit
www.ibioinc.com.
Forward-Looking Information
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,” “will,”
“should,” “believe,” “expect,” “anticipate,” “estimate,”
“continue,” “predict,” “forecast,” “project,” “plan,” “intend” or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements include, without limitation, statements
related to the closing of the public offering and the intended use
of proceeds from the public offering. While the Company believes
these forward-looking statements are reasonable, undue reliance
should not be placed on any such forward-looking statements, which
are based on information available to us on the date of this
release. These forward-looking statements are subject to various
risks and uncertainties, many of which are difficult to predict
that could cause actual results to differ materially from current
expectations and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the Company’s ability to continue to execute
its growth strategy; its ability to obtain regulatory approvals for
commercialization of its product candidates, or to comply with
ongoing regulatory requirements; regulatory limitations relating to
its ability to promote or commercialize its product candidates for
specific indications; acceptance of its product candidates in the
marketplace and the successful development, marketing or sale of
products; its ability to maintain its license agreements; the
continued maintenance and growth of its patent estate; its ability
to obtain or maintain the capital or grants necessary to fund its
research and development activities and whether the Company will
incur unforeseen expenses or liabilities or other market factors;
successful compliance with governmental regulations applicable to
its manufacturing facility; competition; its ability to retain its
key employees or maintain its NYSE American listing; and the other
factors discussed in the Company’s filings with the SEC including
the Company’s Annual Report on Form 10-K for the year ended June
30, 2023 and the Company’s subsequent filings with the SEC on Forms
10-Q and 8-K. The information in this release is provided only as
of the date of this release, and the Company undertakes no
obligation to update any forward-looking statements contained in
this release on account of new information, future events, or
otherwise, except as required by law.
Contacts:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580skilmer@ibioinc.com
Susan ThomasiBio, Inc.Media Relations(619)
540-9195Sthomas@ibioinc.com
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