iBio (IBIO) Stock Heads For The Top On FastPharming Agreement

iBio IBIO Stock News

iBio Inc (NYSEAMERICAN: IBIO) is making a run for the top in the market this morning after the company announced that it has entered into a new agreement. Here’s what’s going on:

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IBIO Stock Gains On FastPharming Agreement

In the press release, iBio said that it has entered into a Master Services Agremeent with Safi Biosolutions. The agreement surrounds the evaluation of the company’s FastPharming System for the expression of key proteins to be used in the bioprocessing of blood cell therapy product candidates from Safi.

In the release, IBIO explained that Safi is an early-stage biotech company. The company is working to produce blood on-demand. Safi believes that it working with iBio and its plant-based protein expression system, the company will be able to achieve the quality and cost of goods objectives for its program.

In the release, the company said that its biochemistry and pharmaceutical development teams will engage with Safi to evaluate options to use its FastPharming System to generate cGMP growth factors and cytokines.

As a result of the agreement, IBIO will manufacture ten proteins to be evaluated in the production of Safi’s cell therapies. The company said that Safi will have the option to designate certain proteins as proprietary to their bioprocess, but IBIO will have the right to commercialize all other products.

Moreover, the company has agreed to invest $1.5 million in Safi in the form of a convertible promissory note. The Note will bear 5% per annum interest and will be fully convertible into common shares of Safi. The company said that the note will have a maturity date three years from the date of issuance and is due in full if not converted at or before the three-year term.

In a statement, Tom Isett, Chairman and CEO at IBIO, had the following to offer:

iBio is pleased to partner with Safi as we leverage our capabilities and know-how for this innovative cell therapy program. This opportunity is a natural fit for our new portfolio of Research & Bioprocess products, in which we are developing animal-free solutions for cell culture and 3D-bioprinting applications, amongst others.

The Bottom Line

The bottom line here is that the news issued by iBio this morning is a very big deal. The company’s FastPharming Facility and System will be used to provide key ingredients for on-demand blood. This is a very big issue in the United States and if all goes well, there’s a tremendous revenue opportunity here.

While the agreement is the big story today, let’s not forget the work the company is doing to develop two COVID-19 vaccine candidates and a COVID-19 treatment candidate, only adding to the potential here. All in all, IBIO stock is one to watch closely.

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