Today, In the premarket session, iBio, Inc. (NYSEA: IBIO), the stock dropped -10% to $1.35 after a biotechnology innovator, and biologics compounder announced today that it is issuing common stock in an underwritten public offering. Furthermore, iBio has granted the underwriter an option to purchase up to 15% additional shares in its public offering.
Cantor Fitzgerald & Co. has agreed to act as the sole book-running manager for the offering.
iBio plans to use the proceeds from the offering to accelerate the development of its biotherapeutic and vaccine candidates, license more biopharmaceutical assets, and to fund general corporate purposes. That includes, but is not limited to, investment in oncology, fibrotic, and infectious diseases and general corporate expenditures and working capital demands and acquisitions and business growth.
