iBio, Inc. raised $15.0 million in a private placement financing led by ADAR1 Capital Management, Lynx1 Capital Management, and Ikarian Capital to fund research and development of precision antibody immunotherapies.

Mar 28, 2024•over 1 year ago

Amount Raised

$15 Million

San DiegoManufacturing

Investors

Ikarian CapitalLynx1 Capital ManagementAdar1 Capital Management

Description

iBio, Inc. announced a private investment in public equity (PIPE) financing of approximately $15.0 million. The financing included participation from ADAR1 Capital Management, Lynx1 Capital Management, Ikarian Capital, and other institutional and accredited investors. The net proceeds will be used for general corporate purposes, including research and development and working capital, extending its cash runway through fiscal year 2025.

Company Information

Company

iBio

Location

San Diego, California, United States

About

iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of hard-to-target subdominant epitopes along with its sustainable, plant-based protein expression capabilities for cGMP manufacturing. Its FastPharming® Manufacturing System combines vertical farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. iBio is developing proprietary biopharmaceuticals for the treatment of cancers, as well as fibrotic, infectious and autoimmune diseases. The Company’s wholly owned subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with GlycaneeringTM Development Services for advanced recombinant protein engineering.

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