iBio Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events	9 Months Ended
Mar. 31, 2013
Subsequent Events [Text Block]	14. Subsequent Events Delisting Notice On April 18, 2013, iBio, Inc. received notice from NYSE MKT LLC (the “Exchange”) that the Company currently is below certain of the Exchange’s continued listing standards. The Exchange indicated that its review of the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 indicates that the Company is not in compliance with Section 1003(a)(iv) of the Company Guide, which applies if a listed company has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature. The Company was afforded the opportunity to submit a plan of compliance to the Exchange by May 6, 2013 that demonstrated the Company’s ability to regain compliance with Section 1003(a)(iv) by July 15, 2013. The Company submitted such plan on a timely basis and is currently awaiting a response from the Exchange. Equity Offering On April 26, 2013, the Company, under its effective Registration Statement on Form S-3, raised approximately $3.8 million in net proceeds by issuing 8,925,000 shares of common stock and warrants to purchase up to 3,570,000 shares of common stock. The common stock and warrants were sold together as units (the “Units”), with each Unit consisting of one share of common stock and 0.40 of one warrant to purchase one share of common stock. The public offering price of each Unit was $0.48. The warrants have an exercise price of $0.53 per share, are immediately exercisable and will expire on the third anniversary of the date of issuance. Prior to this offering, approximately 4.2 million of the Company’s outstanding warrants, issued in August 2008 and expiring in August 2013, contained an anti-dilution provision that was triggered as a result of this equity offering. The Company is required to both increase the number of shares issuable upon exercise and decrease the exercise prices of the August 2008 warrants. As a result, the number of warrants outstanding will increase by approximately 0.8 million and the exercise prices will decrease from $1.82 and $2.34 per share to $1.53 and $1.97 per share, respectively. After this adjustment, there will be outstanding approximately 2.5 million warrants with an exercise price of $1.53 per share and approximately 2.5 million warrants with an exercise price of $1.97 per share. There is no change in the expiration date of the warrants as a result of this adjustment. Termination of ATM Facility On April 26, 2013, the Company provided written notice to Further Lane that it was terminating the ATM Facility dated January 31, 2013. The Company voluntarily terminated the ATM Facility before making any sales of its common stock under such agreement.

Subsequent Events

9 Months Ended

Mar. 31, 2013

14. Subsequent Events

Delisting Notice

On April 18, 2013, iBio, Inc. received notice from NYSE MKT LLC (the “Exchange”) that the Company currently is below certain of the Exchange’s continued listing standards. The Exchange indicated that its review of the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 indicates that the Company is not in compliance with Section 1003(a)(iv) of the Company Guide, which applies if a listed company has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature. The Company was afforded the opportunity to submit a plan of compliance to the Exchange by May 6, 2013 that demonstrated the Company’s ability to regain compliance with Section 1003(a)(iv) by July 15, 2013. The Company submitted such plan on a timely basis and is currently awaiting a response from the Exchange.

Equity Offering

On April 26, 2013, the Company, under its effective Registration Statement on Form S-3, raised approximately $3.8 million in net proceeds by issuing 8,925,000 shares of common stock and warrants to purchase up to 3,570,000 shares of common stock. The common stock and warrants were sold together as units (the “Units”), with each Unit consisting of one share of common stock and 0.40 of one warrant to purchase one share of common stock. The public offering price of each Unit was $0.48. The warrants have an exercise price of $0.53 per share, are immediately exercisable and will expire on the third anniversary of the date of issuance.

Prior to this offering, approximately 4.2 million of the Company’s outstanding warrants, issued in August 2008 and expiring in August 2013, contained an anti-dilution provision that was triggered as a result of this equity offering. The Company is required to both increase the number of shares issuable upon exercise and decrease the exercise prices of the August 2008 warrants. As a result, the number of warrants outstanding will increase by approximately 0.8 million and the exercise prices will decrease from $1.82 and $2.34 per share to $1.53 and $1.97 per share, respectively. After this adjustment, there will be outstanding approximately 2.5 million warrants with an exercise price of $1.53 per share and approximately 2.5 million warrants with an exercise price of $1.97 per share. There is no change in the expiration date of the warrants as a result of this adjustment.

Termination of ATM Facility

On April 26, 2013, the Company provided written notice to Further Lane that it was terminating the ATM Facility dated January 31, 2013. The Company voluntarily terminated the ATM Facility before making any sales of its common stock under such agreement.