Full Press Release Details
iBio, Inc. Announces Pricing of $4.5 Million
BRYAN, Texas and SAN DIEGO, Dec. 5, 2023 (GLOBE
NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) ("iBio" or the "Company"), today announced the pricing of its reasonable
best efforts public offering of 2,250,000 of its shares of common stock (or common stock equivalents in lieu thereof) and accompanying
Series C and Series D warrants to purchase up to an aggregate of 2,250,000 shares of common stock at a combined public offering price
of $2.00, resulting in gross proceeds of approximately $4.5 million. The Series C Warrants to purchase up to an aggregate of 2,250,000
shares of common stock and Series D Warrants to purchase up to an aggregate of 2,250,000 shares of common stock will have an exercise
price of $2.00 per share, will be exercisable immediately following the date of issuance and will expire two years and five years from
the original issuance date, respectively.
The closing of the offering is expected to occur
on or about December 7, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds
from this offering primarily for working capital and general corporate purposes, including for research and development and other trial
preparation expenses and, retention and severance payments to certain of its employees or former employees. The Company may also use a
portion of the net proceeds to invest in or acquire other products, businesses or technologies, although it has no commitments or agreements
with respect to any such investments or acquisitions as of the date of this press release.
A.G.P./Alliance Global Partners is acting
as the lead placement agent for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as co-placement
agent for the offering.
statement on Form S-1, as amended (No. 333-275204) ("Form S-1"), relating to the offering was filed with the Securities and
Exchange Commission ("SEC"), and it was declared effective on December 4, 2023. The offering is being made only by means
of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies
of the final prospectus, relating to the offering may be obtained on the SEC's website located at http://www.sec.gov. Electronic
copies of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.
release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of
these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or other jurisdiction.
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 Information
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 include, without limitation, statements related to the closing of the public offering and the intended use of proceeds from
the public offering. 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 continue
to execute its growth strategy; its 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 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 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; its 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, 2023 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.