BRYAN, Texas, Dec. 10, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, today announced the closing of its underwritten public offering of approximately 29.7 million shares of its common stock for gross proceeds of $35.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by iBio. In addition, iBio has granted the underwriter a 30-day option to purchase up to approximately 4.4 million additional shares of its common stock.

Cantor Fitzgerald & Co. was the sole book-running manager for the offering. Roth Capital Partners acted as financial advisor to iBio.

iBio anticipates using the net proceeds from the offering to accelerate development of its biotherapeutic and vaccine candidates, in-licensing of biopharmaceutical assets, including, but not limited to, those in oncology, fibrotic, and infectious diseases, and working capital needs and for other general corporate purposes, including acquisitions and investments in other businesses.

About iBio, Inc.

iBio is a global leader in plant-based biologics manufacturing. Its FastPharming^® System combines vertical farming, automated hydroponics, and glycan engineering 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 along with the Glycaneering Development Service™ for engineering high-performance recombinant glycoproteins.