Full Press Release Details
Appoints Robert M. Lutz as Chief Financial & Business Officer
Texas / February 16, 2021 / (GLOBE NEWSWIRE) / iBio, Inc. (NYSEA:IBIO) ("iBio" or the "Company"),
a biotech innovator and biologics contract manufacturing organization, today announced the appointment of Robert M. Lutz as its
Chief Financial & Business Officer ("CFBO"), effective March 4, 2021.
am pleased to welcome Rob to iBio where we expect he will make an immediate impact on our business during this transformative
time," said Tom Isett, Chairman & CEO of iBio. "His deep experience across corporate finance and business development
functions, breadth of public company experience, and demonstrated expertise in building product portfolios is a tremendous fit
for iBio as we seek to execute on our new business model."
Lutz brings more than 25 years of experience to the Company, joining most recently from Strongbridge Biopharma plc ("Strongbridge"),
a Nasdaq-listed, commercial-stage biopharmaceutical company focused on rare diseases. He served as CFO since August 2019, and
prior to that, as Chief Business Officer since October 2014. During his tenure, he led the search, evaluation, contracting, and
financing of multiple assets which proved to be critical growth drivers for Strongbridge.
joining Strongbridge, Mr. Lutz spent more than a decade at Shire Pharmaceuticals ("Shire") in leadership positions
with global responsibilities, including identifying opportunities for acquisition, licensing, partnership and development for
Shire's largest business unit (Neuroscience) and the financial management of approximately $5 billion in revenue for its
Specialty Pharmaceuticals division. Prior to joining Shire, Mr. Lutz served in a variety of financial, strategic and executive
positions after having started his career at Goldman Sachs & Company. He holds an MBA from the Kellogg School of Management
and a BA in Economics and Computer Science from Amherst College.
is an exciting time to be joining iBio," Mr. Lutz commented. "There is a unique opportunity to leverage the strengths
of the Company's high-speed, plant-based biopharmaceutical production capabilities across multiple product categories and
therapeutic areas. I look forward to working with the team to expand the product pipeline, accelerate growth, and enhance value
for our shareholders."
CFBO, Mr. Lutz will lead iBio's finance organization and be responsible for building strong licensing capabilities and the
financial planning & analysis function, as well as supporting iBio's relationships with the investment community.
is a global leader in plant-based biologics manufacturing. Its FastPharming System combines vertical
farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, vaccines,
bioinks and other proteins. iBio is developing proprietary products on the FastPharming Platform, which include
biopharmaceuticals for the treatment of fibrotic and infectious diseases, amongst others. The Company's subsidiary, iBio
CDMO LLC, provides FastPharming Contract Development and Manufacturing Services, including Glycaneering
Development Services for advanced recombinant protein design. For more information, visit www.ibioinc.com.
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 expected contribution of Mr. Lutz, executing the Company's new business model, and expanding the
Company's product pipeline, accelerating growth, and enhancing value for our shareholders. 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 contribution of Mr. Lutz, the Company's ability
to expand its product pipeline, the Company's ability to obtain regulatory approvals for commercialization of its product
candidates, including its infectious disease 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 patent estate, 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 factors discussed in the Company's
Annual Report on Form 10-K for the year ended June 30, 2020 and the Company's subsequent filings with the SEC, including
subsequent periodic reports on Form 10-Q and Form 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.