iBio Amends and Extends Maturity of Credit Agreement
26 Décembre 2023 - 1:15PM
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 its lender,
Woodforest National Bank (“Woodforest”), have entered into an
amendment (the “Amendment”) to the Credit Agreement dated November
1, 2021 (the “Agreement”), extending the Agreement’s maturity date
from December 31, 2023 to the earlier March 29, 2024, or the
acceleration of maturity of the term loan in accordance with the
Credit Agreement.
“We are pleased to have worked constructively
with Woodforest to execute this amendment and extension of the
maturity date of our existing Credit Agreement,” said Martin
Brenner, DVM, Ph.D., iBio’s Chief Executive Officer and Chief
Scientific Officer. “This provides us with additional financial
flexibility to focus on the sale of our cGMP biologics
manufacturing facility in Texas concurrent with the continued
advancement of our AI drug discovery platform and immunotherapy
pipeline out of our research and development center in
California.”
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 planned
divestiture of the legacy CDMO business and the continued
advancement of the Company’s AI drug discovery platform and
immunotherapy pipeline from its research and development center in
California. 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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