Full Press Release Details
IBIO, INC. ANNOUNCES NYSE AMERICAN ACCEPTANCE
OF PLAN OF COMPLIANCE
NEW YORK, NEW YORK, AUGUST 22, 2018
- IBIO, INC. (NYSE AMERICAN: IBIO) ("IBIO" OR THE "COMPANY"),
today announced that NYSE Regulation has accepted the Company's plan to regain compliance with the Exchange's
continued listing standards set forth in Section 1003(a)(iii) of the NYSE American Company Guide (the "Company Guide")
and has granted a plan period through December 6, 2019, subject to periodic review by the Exchange, including quarterly monitoring,
for compliance with the initiatives outlined in the plan. If the Company is not in compliance with the continued listing standards
by December 6, 2019, or if the Company does not make progress consistent with the plan during the plan period, the NYSE Regulation
staff will initiate delisting proceedings as appropriate.
As previously reported in a Current Report
on Form 8-K filed with the Securities and Exchange Commission on June 8, 2018, the Company was previously notified by the Exchange
that the Company was not in compliance with the stockholders' equity continued listing standards as set forth in Section
1003(a)(iii) of the Company Guide, which applies if a listed company has stockholders' equity of less than $6,000,000 and
has sustained losses from continuing operations and/or net losses in its five most recent fiscal years. In order to maintain its
listing, the Company submitted a plan of compliance addressing how it intends to regain compliance with Section 1003(a)(iii) of
the Company Guide by December 6, 2019.
On June 26, 2018, the Company closed a
public offering of 4,350,000 shares of its common stock, 6,300 shares of its Series A Convertible Preferred Stock and 5,785 shares
of its Series B Convertible Preferred Stock, and on July 12, 2018, the Company sold 1,500,000 additional shares of common stock
in connection with the partial exercise of the over-allotment option granted to the underwriter in the public offering, for total
gross proceeds to the Company of approximately $17,350,000. The Company believes that the proceeds of the offering, together with
its existing cash on hand as of December 31, 2017 in the amount of $7.3 million, funds it may develop from future sales pursuant
to its purchase agreement with Lincoln Park Capital Fund, LLC, and proceeds realized in connection with license and collaboration
arrangements and the operation of its subsidiary, iBio CDMO LLC, will be sufficient to allow it to sustain stockholders'
equity sufficient to meet NYSE American's listing requirements through the plan period end date of December 6, 2019.
The notice from the Exchange has no immediate
impact on the listing of the Company's common stock on the Exchange. The listing of the Company's common stock on the
Exchange is being continued pursuant to an extension during the plan period.
in developing plant-based biopharmaceuticals, provides a range of product and process development, analytical, and manufacturing
services at the large-scale development and manufacturing facility of its subsidiary iBio CDMO, LLC in Bryan, Texas. The
facility houses laboratory and pilot-scale operations, as well as large-scale automated hydroponic systems capable of growing over
four million plants as "in process inventory" and delivering over 300 kilograms of therapeutic protein pharmaceutical
active ingredient per year.
technology for the benefit of its clients and the advancement of its own product interests. The Company's pipeline is comprised
of proprietary candidates for the treatment of a range of fibrotic diseases including idiopathic pulmonary fibrosis, systemic sclerosis,
and scleroderma. IBIO-CFB03, based on the Company's proprietary gene expression technology, is the Company's lead therapeutic
candidate being advanced for IND development.
Further information is available at: www.ibioinc.com
Cautionary Statement Regarding Forward
This release may contain "forward-looking
statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are identified by certain words or phrases such as "may", "will", "aim", "will likely
result", "believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions or variations of such
expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance.
These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject
to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement
made by the Company. Please refer to the preliminary prospectus supplement, the accompanying prospectus, and the Company's
most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties.
The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances
after the date of this release.
Stephanie Carrington
Tel. +1 646-277-1282