IBIO - iBio Announces Amendment to Credit Agreement with Woodforest | Benzinga
– Extends maturity date to December 31, 2023 –
– Allows time to close pending sale of CDMO facility –
BRYAN, Texas and SAN DIEGO, Sept. 21, 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 Woodforest National Bank ("Woodforest") have entered into a sixth amendment (the "Amendment") to their November 1, 2021 credit agreement (the "Credit Agreement"), extending the Agreement's maturity date from November 1, 2023 to the earlier of December 31, 2023 or the acceleration of maturity of the term loan in accordance with the Credit Agreement. The extension of the maturity date is intended to afford the Company sufficient time to close the pending sale of its cGMP biologics manufacturing facility (the "CDMO Facility"), which is anticipated to occur before the end of calendar 2023.
The sale of the CDMO Facility will complete the divestiture of iBio's contract development and manufacturing business in Texas, paving the way for the Company's continued advancement of its AI drug discovery platform and immunotherapy pipeline out of its research and development center in California.
"The sale of our facility will mark an important turning point for iBio and our full transformation into an antibody discovery and development company," said Martin Brenner, DVM, Ph.D., iBio's Chief Executive Officer and Chief Scientific Officer. "Over the past year, we have made critical investments into our tech stack, our people, and our preclinical pipeline to create a next-generation antibody ...