iBio, Inc. (NYSE: BIO) operates as a plant-based biopharmaceutical company, which provides contract development and cGMP manufacturing services. iBio CDMO, LLC, a wholly-owned subsidiary of iBio, utilizes the FastPharming System, which is able to combine “plant protein expression, automated hydroponics, and glycan engineering technologies – to rapidly deliver gram quantities of high-quality biologics for research or further manufacturing,” according to the company.
Shares of the biopharma company are surging 61.43%, through afternoon trading on Tuesday, August 20, 2019. Over the past three months, iBio has seen average daily volume of 32,440 shares. However, volume of 29.28 million shares or dollar volume of $33.09 million, has already exchanged hands through afternoon trading on Tuesday.
iBio, Inc. is soaring on Tuesday, after the company announced that it has entered into a Master Services Agreement (MSA) with Lung Biotechnology PBC, a subsidiary of United Therapeutics Corporation (NASDAQ: UTHR). Under the terms of the agreement, iBio will produce “rhCollagen”-based bio-ink for use in 3D bio-printed organ transplants. iBio and Lung Biotechnology will look to utilize iBio’s FastPharming System to scale-up production capabilities of rhCollagen in tobacco plants. Here is the full press release detailing of the MSA:
iBio, Inc. Press Release;
NEW YORK, Aug. 19, 2019 (GLOBE NEWSWIRE) — iBio, Inc. (NYSE AMERICAN:IBIO) today announced that it has entered into a Master Services Agreement (“MSA”) with Lung Biotechnology PBC, a subsidiary of United Therapeutics Corporation (UTHR), to produce recombinant human collagen (“rhCollagen”)-based bioink for 3D bioprinted organ transplants. iBio will collaborate with Lung Biotechnology PBC to scale-up production of rhCollagen in tobacco plants using iBio’s FastPharming™ System.
Under the MSA, the initial work to be performed by iBio involves the development of a scalable purification process for rhCollagen tailored to the biofabrication of lung scaffolds that United Therapeutics licensed from CollPlant Biotechnologies Inc. (CLGN), as well as cGMP supply of the material for clinical trials. Anticipating the need for commercial quantities of rhCollagen-based bioinks, iBio envisions additional projects focused upon process optimization and capacity expansion, the latter of which will employ iBio’s Factory Solutions capabilities.
“We’re pleased to have been selected by United Therapeutics to help in the mission to fundamentally change access to vital organ transplants for patients,” said Tom Isett, a member of iBio’s Board of Directors. “The FastPharming System is ideally suited to the production of bioinks, maturogens, and other biologics for use in 3D bioprinting, so iBio will remain committed to delivering its safety, quality, performance and cost advantages to pioneers like United Therapeutics in the transformational, cutting-edge biofabrication industry.”
Robert B. Kay, iBio’s Chairman and CEO commented that, “Recent scientific breakthroughs in the emerging field of 3D bioprinting have captured headlines worldwide. The decision by United Therapeutics to work with iBio for the production of rhCollagen bioinks in our FastPharming System provides yet another opportunity to demonstrate the strength of our platform, which has already been proven in the manufacture of monoclonal antibodies, growth factors, fusion proteins, virus-like particles, and other biologics. We’re looking forward to helping United Therapeutics to successfully address the critical shortage of transplantable lungs and other organs.”
About iBio, Inc.
iBio is a global leader in plant-based biopharmaceutical contract development and cGMP manufacturing services. Our wholly-owned subsidiary, iBio CDMO LLC, uses the FastPharming™ System – which combines plant protein expression, automated hydroponics, and glycan engineering technologies – to rapidly deliver gram quantities of high-quality biologics for research or further manufacturing uses from its 120,000 square foot facility in Bryan, Texas. In addition to contract manufacturing, iBio also offers process development, bioanalytical, and fill-finish services, along with Factory Solutions for the design and build of facilities for plant-made monoclonal antibodies, vaccines, bioinks and more. iBio also uses its advanced manufacturing capabilities in the development of its own therapeutic pipeline, including its lead asset, CFB-03 for the treatment of fibrotic diseases. For more information, visit www.ibioinc.com.
STATEMENTS INCLUDED IN THIS NEWS RELEASE RELATED TO IBIO, INC. MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES SUCH AS COMPETITIVE FACTORS, TECHNOLOGICAL DEVELOPMENT, MARKET DEMAND, AND THE COMPANY’S ABILITY TO OBTAIN NEW CONTRACTS AND ACCURATELY ESTIMATE NET REVENUES DUE TO VARIABILITY IN SIZE, SCOPE, AND DURATION OF PROJECTS. FURTHER INFORMATION ON POTENTIAL RISK FACTORS THAT COULD AFFECT THE COMPANY’S FINANCIAL RESULTS CAN BE FOUND IN THE COMPANY’S REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.