IBIO - iBio Amends and Extends Maturity of Credit Agreement | Benzinga
– Extends maturity date to March 29, 2024 –
– Allows for more time to complete planned divestiture of legacy CDMO business -
BRYAN, Texas and SAN DIEGO, Dec. 26, 2023 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) ("iBio" or the "Company"), an AI-driven innovator of precision antibody immunotherapies, today announced its wholly owned subsidiary, iBio CDMO LLC, and its lender, Woodforest National Bank ("Woodforest"), have entered into an amendment (the "Amendment") to the Credit Agreement dated November 1, 2021 (the "Agreement"), extending the Agreement's maturity date from December 31, 2023 to the earlier March 29, 2024, or the acceleration of maturity of the term loan in accordance with the Credit Agreement.
"We are pleased to have worked constructively with Woodforest to execute this amendment and extension of the maturity date of our existing Credit Agreement," said Martin Brenner, DVM, Ph.D., iBio's Chief Executive Officer and Chief Scientific Officer. "This provides us with additional financial flexibility to focus on the sale of our cGMP biologics manufacturing facility in Texas concurrent with the continued advancement of our AI drug discovery platform and immunotherapy pipeline out of our research and development center in California."
About iBio, Inc.
iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, ...