IBIO - iBio Closes Sale of Manufacturing Facility in Texas | Benzinga
– The sale of the facility eliminates $13.2M of secured debt –
– Completes iBio's transition to an AI and precision biologics innovation company -
SAN DIEGO, June 03, 2024 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) ("iBio" or the "Company"), an AI-driven innovator of precision antibody therapeutics, today announced the closing of the sale of its manufacturing facility located in Bryan, Texas (the "Property") to the Board of Regents of the Texas A&M University System for $8.5 million. Following the issuance of pre-funded warrants having a value of $4.5 million to the lender, Woodforest National Bank, iBio and its wholly owned subsidiary, iBio CDMO LLC, has met all of the conditions of the settlement agreement releasing the Company and its subsidiary of all obligations with respect to the debt secured by the Property. The transaction, coupled with the use of approximately $915K in restricted cash previously held by Woodforest, eliminates approximately $13.2 million in secured debt from iBio's balance sheet.
"The sale of our Texas facility marks a critical milestone for iBio - the completion of our transition from a CDMO to a machine-learning enabled biologics company," said iBio Chief Executive and Chief Scientific Officer Martin Brenner, Ph.D. "We continue to strengthen our financial position with ...