iBio, Inc. (IBIO), a biotechnology company, has surged 16.68% during aftermarket trading session and consequently, was trading at $0.98 when last checked. The surge could be attributed to the acquisition of FastPharming Manufacturing Facility. On Wednesday, IBIO closed the day at $0.84 after increasing 4.97% during the mid-day session.
Why IBIO Surging?
In the late hours of Wednesday, IBIO announced that it had purchased a manufacturing facility it previously operated under a lease from two affiliates of Eastern Capital Limited. The company also acquired about 30% equity interest in iBio CDMO, LLC. iBio CDMO is held by Eastern Affiliates. Consequently, the subsidiary and its intellectual property were wholly owned by iBio.
Shareholders to Vote For Proposals
On 26th October, IBIO urged its shareholders to vote FOR all the proposals put forth by the company in its 9th December meeting. The company advised stockholders that the holders of majority outstanding common shares must approve the proposals because two of the voting proposals were related to the proposed amendment of the company’s articles of incorporation.
Q4 2021 Financial Results
On 27th September, IBIO reported the financial results for the fourth quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company generated revenue of $0.5 million during the quarter, a decrease of $0.6 million for the same period of 2020. The R&D expenses increased from $2.5 million to $3.1 million during the quarter, while G&A expenses increased from $3.5 million to $6.6 million in the quarter. The company reported a consolidated net gain of $0.1 million against a consolidated net loss of $3.5 million for the same period of 2020.
Tom Isett, Chairman & CEO of iBio, while commenting on the results said that the expanded it’s business in various horizons during the quarter. He expressed his hope that these strategies would enable the company to execute its plans rightly in future.
Future Outlook for IBIO
During the previous quarter, IBIO has declined more than 30%. Analysts, however, suggest that the company is in a good position to reap benefits from its strategic moves in near future. So, potential investors should keep a close eye on the performance of IBIO stock in the near future.