iBio Regains Compliance with NYSE American Continued Listing Standards
NEW YORK, Oct. 05, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSE AMERICAN:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, announced today that on October 1, 2020, the Company received written notice from the NYSE American LLC (“NYSEA” or the “Exchange”) stating that the Company had regained compliance with all of the Exchange’s continued listing standards set forth in Part 10 of the NYSEA Company Guide (“Company Guide”).
By meeting the requirements of the $50 million market capitalization exemption in Section 1003(a) of the Company Guide, iBio has resolved its continued listing deficiency with respect to NYSEA’s letters dated October 16, 2019 and December 9, 2019.
Tom Isett, iBio’s Chairman and Chief Executive Officer, stated, “We are pleased with the progress we have made since December 2019 on the execution of our new strategic plan. Our emphasis on proprietary biopharmaceutical development activities has not only allowed us to regain compliance with the Exchange’s listing standards, but it has also delivered new value drivers and improved financial strength for iBio. We remain focused upon building a sustainable, growth-oriented, biotech and pharma services organization that makes meaningful contributions towards addressing some of the world’s most pressing unmet medical needs. Specifically, we plan to continue to leverage the advantages afforded by our FastPharming® System and our other proprietary technologies to develop biological medicines in the area of pulmonology, including respiratory diseases like COVID-19 and fibrotic diseases of the lung, amongst others."
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. The Company’s subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services. iBio’s Glycaneering Development Service™ includes an array of new glycosylation technologies for engineering high-performance recombinant proteins. Additionally, iBio is developing proprietary products, which include IBIO-100 for the treatment of fibrotic diseases, and vaccines for COVID-19 disease. For more information, visit www.ibioinc.com.
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 iBio’ building a sustainable, growth-oriented, biotech and pharma services organization that makes meaningful contributions towards addressing some of the world’s most pressing unmet medical needs and iBio’s plans to leverage its FastPharming® System and other proprietary technologies to develop biological medicines in the areao of pulmonology, including respiratory diseases like COVID-19 and fibrotic diseases of the lung. 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 ability of iBio’s plant-based expression system to provide both quality improvement and cost reduction for many of the important cytokines and other media used in cell culture and growth processing, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, including its COVID-19 biopharmaceuticals, or to comply with ongoing regulatory requirements, regulatory limitations relating to the Company’s 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 the Company’s patent estate, the Company’s ability to establish and maintain collaborations, the Company’s ability to obtain or maintain the capital or grants necessary to fund its research and development activities, 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 Annual Report on Form 10-K for the year ended June 30, 2019 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake 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.
Released October 5, 2020