iBio Announces Financial Results for Fiscal Year Ended

iBio Announces Financial Results for

Fiscal Year Ended June 30, 2020

Bryan, TX / October13, 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 year ended June 30, 2020, which included record revenues of

over $1.1 million in the fiscal fourth quarter.

2020 Fiscal Year and Recent Business

Research & Bioprocessing

"Fiscal 2020 was a pivotal period

for iBio, marked by the launch of our Glycaneering Development Service; new collaborations leveraging the FastPharming

System; and most notably, our transition from a business model focused on CDMO services to one that also includes the development

of our own, proprietary products," said Tom Isett, Chairman & CEO of iBio. "We developed two SARS-CoV-2 vaccine

candidates, in-licensed a COVID-19 therapeutic candidate, and reinvigorated our work on IBIO-100 for fibrotic diseases."

2020 Fiscal Year Corporate Developments:

For the fiscal year ended June 30, 2020,

iBio reported revenues of approximately $1.6 million, a decrease of $380,000 from approximately $2.0 million for the fiscal year

ended June 30, 2019. The decrease is primarily attributable to the timing of service revenues from CC-Pharming. Revenue earned

from CC-Pharming totaled approximately $1.3 million in 2020, compared with approximately $1.8 million in 2019. Revenue earned from

third-party customers in 2020 increased approximately 118% to $371,000 versus $170,000 in 2019. iBio recorded revenues of

over $1.1 million in the fiscal fourth quarter.

Total operating expenses, consisting primarily

of research and development ("R&D") and general and administrative ("G&A") expenses, for the fiscal

year ended June 30, 2020 were approximately $15.6 million, compared with approximately $17.8 million in 2019.

R&D expenses for the 2020 fiscal year

were approximately $3.2 million, compared with approximately $5.5 million in 2019. The decrease in R&D expense of approximately

$1.6 million was primarily related to decreases in third-party R&D costs of approximately $1.4 million, R&D personnel and

consulting costs of approximately $963,000 and grant income of $37,000; offset by an increase in R&D project related costs

G&A expenses for the 2020 fiscal year

were approximately $12.4 million, compared with approximately $12.3 million in the 2019 fiscal year. The increase is primarily

attributable to higher depreciation and amortization expense of $492,000, professional fees of $508,000, personnel costs of $380,000

and board of directors' fees of $168,000; offset by decreases in repairs and maintenance costs of approximately $817,000,

rent of $409,000, recruiting fees of $131,000, and travel of $212,000.

Other expense for the 2020 and 2019 fiscal

years was approximately $2.4 million and $1.8 million, respectively. The increase resulted primarily from higher interest expense

related to the adoption, effective July 1, 2019, of ASU 2016-02, "Leases (Topic 842)" ("ASU 2016-02")

("ASC 842") and other associated standards using the modified retrospective approach for all leases entered into before

Net loss attributable to iBio stockholders

for the 12 months ended June 30, 2020 was approximately $16.4 million, or $0.61 per share, compared with a net loss of approximately

$17.6 million, or $0.94 per share, in the 2019 fiscal year.

iBio has continued to strengthen its balance

As of June 30, 2020, iBio had cash of approximately

$55.1 million, compared with approximately $4.4 million as of June 30, 2019. Subsequent to fiscal year end, the Company completed

additional ATM offerings, resulting in it having approximate cash and cash equivalents of $83.1 million on September 30, 2020.

iBio is a global leader in plant-based

biologics manufacturing. Its FastPharming System combines vertical farming, automated hydroponics,

and glycan engineering technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins.

The Company's subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services.

iBio's Glycaneering Development Service includes an array of new glycosylation technologies for engineering

high-performance recombinant proteins. Additionally, iBio is developing proprietary products, which include IBIO-100 for the treatment

of fibrotic diseases, and vaccines for COVID-19 disease. 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 leveraging the FastPharming

System, manufacturing research quantities of a plant-made rituximab for AzarGen using iBio's proprietary FastPharming

System and the Company commercializing cytokines and growth factors not designated as custom products for use in the Safi bioprocess

as part of its new standard catalog offering of proteins for research- and further manufacturing-uses. 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 obtain regulatory approvals

for commercialization of its product candidates, including its COVID-19 vaccines, 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 intellectual property portfolio, its ability to establish and

maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development

activities, competition, its ability to retain its key employees or maintain its NYSE American listing, and the other risk factors

discussed in the Company's most recent Annual Report on Form 10-K and the Company's subsequent filings with the SEC,

including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of

this release, and we undertake 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.

Condensed Statement of Operations

(amounts in thousands, except per share

Condensed Balance Sheet Data

(amounts in thousands)