Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v2.4.0.8
Subsequent Events
 3 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
14. Subsequent Events
 
Issuances of Common Stock
Subsequent to September 30, 2014, Aspire Capital purchased 2,858,400 shares of common stock for $4,711,681 pursuant to the terms of the purchase agreement. The proceeds received by the Company from these sales are not reflected in the condensed consolidated financial statements included in this report.
 
Exercise of Warrants
Subsequent to September 30, 2014, the Company issued 1,556,000 shares of common stock for the exercise of warrants and received proceeds of $824,680. In addition, for the period October 1, 2014 to November 11, 2014, the Company issued 26,691 shares of common stock for the cashless exercise of warrants. The proceeds received by the Company from these sales are not reflected in the condensed consolidated financial statements included in this report.
 
Stock Options
On October 17, 2014, a consulting agreement dated March 1, 2012 with a former employee was terminated for cause. As a result, 500,000 options with an exercise price of $0.87 were cancelled.
 
Lawsuits 
On October 22, 2014, the Company filed a Verified Complaint in the Court of Chancery of the State of Delaware against PlantForm Corporation (“PlantForm”) and PlantForm’s president seeking equitable relief and damages based upon PlantForm’s interference with several contracts between the Company and Fraunhofer and one of the Company’s consultants (“Consultant”) and misappropriating the Company’s intellectual property including trade secrets and know-how. The Company is seeking the following:
 
1.
A constructive trust compelling PlantForm to deliver to the Company the technology and intellectual property that were provided to PlantForm by Fraunhofer or the Consultant.
 
2.
An injunction prohibiting PlantForm from commercializing, distributing or retaining any biopharmaceutical that corresponds to, or otherwise derives from the Company’s technology and intellectual property.
 
3.
An injunction prohibiting PlantForm from further use or other unlawful misappropriation of the Company’s intellectual property including trade secrets and know-how.
 
4.
An injunction prohibiting PlantForm from further interference with the Company’s exclusive contractual relationship with Fraunhofer and its contractual consulting relationship with Consultant.
 
5.
Monetary damages.
 
On October 24, 2014, a putative class action captioned Juan Pena, Individually and on Behalf of All Others Similarly Situated vs. iBio, Inc. and Robert B. Kay was filed in the United States District Court for the District of Delaware.  The action alleges that the Company and its Chief Executive Officer made certain statements in violation of federal securities laws and seeks an unspecified amount of damages.  The plaintiff and its counsel solicit shareholders of the Company to join the action and also seek to have the plaintiff appointed lead plaintiff.  Neither defendant has been served with the Complaint and therefore no response to the Complaint has been made.  The Company has advised its insurers of this activity and intends to vigorously defend against any claims if this action continues.  The Company is unable to predict the outcome of this Complaint and therefore cannot determine the likelihood of loss nor estimate a range of possible loss.