iBio (NYSEA:IBIO) announced a sixth amendment to its credit agreement with Woodforest National bank to allow sufficient time for the company to complete the pending sale of its cGMP biologics manufacturing facility.
The agreement’s maturity date has been extended from Nov. 1, 2023 to the earlier of Dec. 31, 2023, or the acceleration of maturity of the term loan in accordance with the agreement.
iBio expects to complete the sale of its facility before the end of 2023, which will complete the divestiture of iBio’s contract development and manufacturing business in Texas. iBio will continue to focus on advancing 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,” Martin Brenner, DVM, Ph.D., iBio’s CEO and CSO, said in a statement.
“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,” he added.
iBio’s CFO, Felipe Duran, commented, “We appreciate Woodforest’s flexibility providing iBio the time necessary to close on the sale of the facility. 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.”
