iBio, Inc. (IBIO) is a leading next-generation biopharmaceutical company. The core focus of the company is to develop plant-based biologics. The company generates the best-quality monoclonal antibodies and antigens via advanced methodologies i.e., vertical farming, automated hydroponics, and novel glycosylation. Some of the lead product candidates of the company include IBIO-100, IBIO-200, and IBIO-400 which are under clinical trials for the treatment of scleroderma and pulmonary fibrosis, coronavirus 2, and swine fever respectively
The price of IBIO stock during the regular trading on January 3, 2022, was $0.61 with a significant surge of 10.4%. At last check in the aftermarket, the stock dipped by 7.61%.
IBIO: Events and Happenings
On December 22, 2021, IBIO reported about the partial adjournment of its 2021 Annual Meeting of Shareholders. IBIO also partially adjourned the meeting on December 9 regarding Proposal 4 and Proposal 5 to give more time to vote to the shareholders having 40% of unvoted shares. The company received supplementary votes for the proposals. So, the company provided its stockholders extra time to vote. The Meeting will resume on January 31, 2022.
On November 29, 2021, IBIO updated about its COVID-19 vaccine program, IBIO-202, in view of the rapid rise in the cases of the Omicron variant of SARS-CoV-2.
IBIO: CEO Comments
Speaking at the occasion Tom Isett, the company’s CEO said that the Omicron emergence had reinforced the fact that a next-generation vaccine development strategy is the solution to this pandemic. He further added that the company’s vaccine can target N protein rather than the mutating S protein which in turn restricts the mutations in the region designated for the IBIO-202 N protein subunit vaccine product.
IBIO: Key Financials
On November 15, 2021, IBIO reported its financial results for the first fiscal quarter of 2022 ended September 30, 2021. Some of the key updates are as follows
Revenue for the first quarter of 2022 was $0.21 million and showed a decrease of 49% from the same period prior year when the revenue was $0.41 million.
Net Loss per Share
Basic and diluted net loss for the quarter was $8.9 million, or $0.04 per share, as compared to the same period of the prior year when it was $7.5 million, or $0.05 per share.
On November 15, 2021, IBIO reported about a research-based collaboration with the Southwestern Medical Center of the University of Texas to discover the anti-carcinogenic potential of the molecule in solid tumors in relation to the IBIO-100 platform. On November 03, 2021, IBIO reported about the acquisition of the manufacturing plant of Eastern Capital Limited. The Company also purchased up to 30% equity interest in iBio CDMO which was being held by the Eastern Affiliates. So, the subsidiary and its intellectual property were wholly owned by IBIO.
IBIO stock is 57% down as compared to the last six months. The company’s stock further dipped in the aftermarket trading as an effect of uncertainty in the market conditions. The analysts are of the view that the company should pace up its linkage with different investor-centered strategies, so as to benefit the shareholders of the company.