iBio Announces Amendment to Credit Agreement with Woodforest
21 Settembre 2023 - 10:05PM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), an AI-driven
innovator of precision antibody immunotherapies, today announced
its wholly owned subsidiary, iBio CDMO LLC, and Woodforest National
Bank (“Woodforest”) have entered into a sixth amendment (the
“Amendment”) to their November 1, 2021 credit agreement (the
“Credit Agreement”), extending the Agreement’s maturity date from
November 1, 2023 to the earlier of December 31, 2023 or the
acceleration of maturity of the term loan in accordance with the
Credit Agreement. The extension of the maturity date is intended to
afford the Company sufficient time to close the pending sale of its
cGMP biologics manufacturing facility (the “CDMO Facility”), which
is anticipated to occur before the end of calendar 2023.
The sale of the CDMO Facility will complete the
divestiture of iBio’s contract development and manufacturing
business in Texas, paving the way for the Company’s continued
advancement of its AI drug discovery platform and immunotherapy
pipeline out of its research and development center in
California.
“The sale of our facility will mark an important
turning point for iBio and our full transformation into an antibody
discovery and development company,” said Martin Brenner, DVM,
Ph.D., iBio’s Chief Executive Officer and Chief Scientific Officer.
“Over the past year, we have made critical investments into our
tech stack, our people, and our preclinical pipeline to create a
next-generation antibody discovery company that integrates the best
of science and machine learning to tackle drug discovery’s most
difficult challenges. I look forward to our team’s continued
innovations and what they may bring to the rapidly evolving field
of immuno-oncology at iBio and with our partners.”
“We appreciate Woodforest’s flexibility
providing iBio the time necessary to close on the sale of the
facility,” said iBio’s Chief 47Financial Officer, Felipe Duran.
“Once the sale closes and the Woodforest loan is paid in full, the
net proceeds will extend our cash runway to help support continued
advancement of our immuno-oncology assets and AI-based drug
discovery platform.”
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 STATEMENTS
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 are based upon current estimates and
assumptions and include statements regarding the closing of the
sale of the facility before the end of calendar 2023, and the value
of the proceeds from the transaction. 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 complete the sale
of the CDMO Facility as planned, the Company’s ability to continue
to execute its growth strategy; the Company’s 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 the Company’s product candidates in the marketplace
and the successful development, marketing or sale of products; the
Company’s ability to maintain its license agreements; the continued
maintenance and growth of its patent estate; the Company’s 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; the Company’s 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, 2022 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.
Contact:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580skilmer@ibioinc.com
Susan ThomasiBio, Inc.Media Relations(619)
540-9195Sthomas@ibioinc.com
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