iBio Files for $30 Million Offering

iBio filed for a $30 million offering on 8/29/19. iBio is a contract development and manufacturing organization (CDMO) that specializes in plant-based expression biologics. The company trades on the NYSE under the symbol "IBIO."

iBio is a full-service CDMO that provides services from pre-clinical development through regulatory approval, commercial product launch and on-going commercial phase requirements. iBio’s FastPharming expression system, iBio’s proprietary approach to plant-made pharmaceutical (PMP) production, can produce a range of recombinant products including monoclonal antibodies, antigens for subunit vaccine design, lysosomal enzymes, virus-like particles (VLP), blood factors and cytokines, scaffolds, maturogens and materials for 3D bio-printing and bio-fabrication, biopharmaceutical intermediates and others, as well as create and produce proprietary derivatives of pre-existing products with improved properties.

In addition to its CDMO services, the company is developing its own proprietary pharmaceutical candidates. The company's current pipeline is comprised of proprietary candidates for the treatment of a range of fibrotic diseases including systemic scleroderma and idiopathic pulmonary fibrosis. IBIO-CFB03, based on exclusively in-licensed university patents and newer patent applications filed by iBio, is their lead therapeutic candidate being advanced for Investigational New Drug (“IND”) development.

The company intends to use the proceeds for working capital and general purposes. As of this writing, the stock was trading at $.67 with a market cap of $16.1 million.