On May 31, 2024, iBio Inc, a Delaware-incorporated company listed on the NYSE American under the symbol IBIO, reported the termination of a material definitive agreement and the completion of an asset disposition. The company, through its subsidiary iBio CDMO LLC, settled its obligations with Woodforest National Bank by paying off all obligations under a Credit Agreement dated November 1, 2021. The settlement was facilitated by the sale of a property to The Board of Regents of the Texas A&M University System for $8.5 million and the issuance of a pre-funded warrant to the lender to purchase 1,560,570 shares of iBio's common stock. This transaction also involved the termination of a Ground Lease Agreement related to land in Brazos County, Texas, and...Show More

On May 31, 2024, iBio Inc, a Delaware-incorporated company listed on the NYSE American under the symbol IBIO, reported the termination of a material definitive agreement and the completion of an asset disposition. The company, through its subsidiary iBio CDMO LLC, settled its obligations with Woodforest National Bank by paying off all obligations under a Credit Agreement dated November 1, 2021. The settlement was facilitated by the sale of a property to The Board of Regents of the Texas A&M University System for $8.5 million and the issuance of a pre-funded warrant to the lender to purchase 1,560,570 shares of iBio's common stock. This transaction also involved the termination of a Ground Lease Agreement related to land in Brazos County, Texas, and the sale of related assets including buildings, improvements, and personal property. The sale of the property and the use of restricted cash totaling approximately $915,000 eliminated around $13.2 million of secured debt from iBio's balance sheet. Additionally, unaudited pro forma financial information was provided to illustrate the financial impact of the property sale. The company also announced the unregistered sale of equity securities through the issuance of the pre-funded warrant. On June 3, 2024, iBio issued a press release confirming the sale's completion and highlighting the company's transition to an AI and precision biologics innovation company, now headquartered in San Diego.