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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 Developments:
|·||In July 2019, iBio entered into an agreement with Lung Biotechnology PBC, a subsidiary of United Therapeutics Corporation, to produce recombinant human collagen to be used as a bioink for 3D-bioprinted organs.|
|·||In September 2019, the Company entered into an initial Statement of Work (“SoW”) with AzarGen Biotechnologies (Pty.) Ltd. (“AzarGen”), pursuant to which iBio will manufacture research quantities of a plant-made rituximab for AzarGen using iBio’s proprietary FastPharming® System. iBio CDMO is performing bioanalytical services for the project as well.|
|·||In December 2019, the Company introduced its Glycaneering Development Service™, which includes an array of new glycosylation technologies for engineering high-performance recombinant proteins.|
|·||In December 2019, iBio entered into a collaboration with EdgePoint AI to deploy EdgePoint’s proprietary artificial intelligence / blockchain-driven vision system for pharmaceutical manufacturing, known as TrustPoint Fabric.|
|·||In March 2020, the Company entered into a second SoW with AzarGen for development and manufacturing services.|
Research & Bioprocessing
|·||In August 2019, iBio granted CC-Pharming Ltd. (“CC-Pharming”) a research license to iBio’s FastPharming System and know-how for the evaluation of multiple product opportunities.|
|·||In October 2020, iBio entered into an agreement with Safi Biosolutions, Inc. (“Safi”) to evaluate iBio’s FastPharming System for the expression of key proteins to be used in the bioprocessing of Safi blood cell therapy products. iBio will also work to commercialize 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.|
|·||In March 2020, iBio announced the development of proprietary SARS-CoV-2 Virus-Like Particle (“VLP”)-based vaccine candidates using its FastPharming System and filed four related provisional patent applications with the U.S. Patent and Trademark Office.|
|·||In March 2020, the Company announced that immunization studies for its SARS-CoV-2 VLP program (“IBIO-200”) were proceeding at Texas A&M University System laboratories.|
|·||In April 2020, the Company signed agreements with the Infectious Disease Research Institute in support of iBio’s COVID-19 vaccine development program.|
The following information was filed by Ibio, Inc. (IBIO) on Tuesday, October 13, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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