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NEW YORK, June 26, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSE AMERICAN:IBIO) (“iBio” or the “Company”), a biologics innovator and contract manufacturing organization, today announced that it will be added to the Russell 2000® and Russell 3000® indexes as part of this year's reconstitution. The additions will be made effective after the U.S. markets open on June 29, 2020.
“Being included among the companies that comprise the Russell indexes is a significant milestone for iBio, which, we believe reflects the significant progress we have made towards building shareholder value over the past few months,” said Tom Isett, Chairman and CEO of iBio. “Since December 1, 2019, we have launched our FastGlycaneering Development Service™; supported initiatives for the development of bioinks for 3D bioprinting; and expanded business collaborations with two partners for the development of a bio-better rituximab. Additionally, we recapitalized the Company and began implementing our hiring plan so as to prepare to advance IBIO-100 for the treatment of fibrotic diseases while adding more proprietary products to our portfolio. To that end, when the COVID-19 pandemic began to emerge, we quickly responded by designing two novel vaccines against SARS-CoV-2. Shortly thereafter, we demonstrated manufacturability of both platforms, signed key partnerships with providers of preclinical testing services and adjuvant technologies, and gained support from industry leaders in clinical trials data management. With preclinical immunization data for our IBIO-200 and IBIO-201 COVID-19 vaccine candidates expected in Q3-2020, we see potential additional value-creating milestones in the near term.”
FTSE Russell is a global index provider that makes available a comprehensive range of indexes used by investors to measure and analyze global markets. The Russell Indexes have been widely accepted by institutional investors for their integrity and usability. The Russell 3000® Index measures the performance of the largest 3,000 publicly-traded companies in the United States, and the Russell 2000® Index is the most common benchmark for small capitalization companies.
About iBio’s COVID-19 Vaccine Development Program
On March 11, 2020, the Company filed four provisional patent applications with the U.S. Patent and Trademark Office in support of its COVID-19 vaccine platforms. The virus-like particle (“VLP”) program (“IBIO-200”) was subsequently announced on March 18, 2020. The LicKM-Subunit program (“IBIO-201”) was announced on June 3, 2020. If the program(s) move into clinical trials, iBio has the capability to rapidly develop and manufacture at clinical and commercial scales in its 130,000 square foot facility in Bryan, Texas. Originally built in 2010 with funding from the U.S. Defense Advanced Research Projects Agency (DARPA), iBio’s FastPharming Facility™ was part of the “Blue Angel” initiative to establish factories capable of rapid delivery of medical countermeasures in response to a disease pandemic.
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 FastGlycaneering 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 the significant progress the Company has made towards building shareholder value over the past few months, preclinical immunization data for IBIO-200 and IBIO-201 COVID-19 vaccine candidates expected in Q3-2020, and potential additional value-creating milestones in the near term. 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 Company’s ability to continue to build shareholder value and maintain its market capitalization, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, including its COVID-19 vaccines, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, its ability to maintain its license agreements, the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities, competition, its 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.