On September 21, 2023 iBio, Inc. (NYSEA:IBIO) ("iBio" or the "Company"), an AI-driven innovator of precision antibody immunotherapies, reported that 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 (Press release, iBioPharma, SEP 21, 2023, View Source [SID1234635310]). 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.
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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 discovery company that integrates the best of science and machine learning to tackle drug discovery’s most difficult challenges. I look forward to our team’s continued innovations and what they may bring to the rapidly evolving field of immuno-oncology at iBio and with our partners."
"We appreciate Woodforest’s flexibility providing iBio the time necessary to close on the sale of the facility," said iBio’s Chief 47Financial Officer, Felipe Duran. "Once the sale closes and the Woodforest loan is paid in full, the net proceeds will extend our cash runway to help support continued advancement of our immuno-oncology assets and AI-based drug discovery platform."