iBio (IBIO) Stock Heads Up On Leadership Update

iBio IBIO Stock News

iBio Inc (NYSEAMERICAN: IBIO) has been the victim of profit taking as of late. After a coronavirus-fuelled dramatic run for the top, investors saw an opportunity to cash in, leading to some gains being given up. However, the stock is back on the uptrend this morning, trading on gains of around 25%. The gains come after the company announced a leadership update. Here’s what’s going on:

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IBIO Appoints Co-Chairman And CEO

In a press release late yesterday, iBio announced that it has appointed Thomas F. Isett, as its Co-Chairman and Chief Executive Officer. Isett has served on the company’s Board of Directors for some time now.

In the release, the company said that Thomas Isett succeeds Robert B. Kay. Kay decided to retire from his role as CEO. However, he decided to stick around as Co-Chairman and member of the Board.

In a statement, Mr. Kay, previous CEO and Co-Chairman of the Board at IBIO, had the following to offer:

I believe Tom is exceptionally well-qualified to lead iBio as we continue to pursue additional commercial applications of our FastPharming System™, expand our CDMO business and advance our proprietary product pipeline. In the time that we have worked together on the Board, Tom has earned my deep personal admiration and great professional respect, and while it has been a pleasure leading iBio to this stage, I am confident that I am passing the torch into the right hands.

Tom’s experience brings not only a relevant depth of knowledge of biologics development and manufacturing, but also the leadership skills necessary to scale an organization for rapid growth. I am optimistic that Tom and our iBio team will continue to advance our business and the FastPharming System to address critical global biologics manufacturing needs, as we are now seeing with the COVID-19 pandemic.

The above statement was followed up by Mr. Isett. Here’s what he had to say:

I am honored to succeed Bob and energized by the opportunity to lead iBio going forward. As iBio’s founding CEO, Bob led the company with passion and integrity for over a decade, which has resulted in the great people, technology and assets now in place for a successful future.

The Future Looks Great

The leadership change is taking place at a time when iBio is experiencing a tremendous opportunity. The company is one of the many in the race to develop a vaccine for COVID-19, but has several competitive advantages.

First and foremost, the company’s development partner, CC Pharming has already developed a vaccine for the SARS-coronavirus, a cousin virus of the Wuhan coronavirus. With this experience under their belt, the team has a strong chance of being able to quickly develop a viable vaccine for the virus that is at the center of today’s pandemic.

Another key advantage here is the company’s FastPharming Facility. IBIO built the facility as part of a government sponsored program aimed at creating facilities that can quickly produce vaccines and treatments in times of a pandemic. As such, the company has the ability to produce vaccines faster than just about any other company.

Considering that speed of vaccination and treatment is key in putting an end to a pandemic, this facility is a big opportunity. After all, even if IBIO isn’t the first to develop a vaccine, it will be a strong candidate for manufacturing partnerships with whatever companies that do develop a viable vaccine first.

All in all, Isett is taking charge of the company at a turning point. With his history in life science and the opportunities that are available to IBIO at the moment, this company has the potential to grow dramatically from here.

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