Ibio Inc (NYSEAMERICAN: IBIO) is screaming for the top in the market this morning, and for good reason. The company has been selected by atbtherapeutics to produce game-changing atbodies at its FastPharming facility. Here’s what’s going on:
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IBIO Stock Pops After Being Selected To Produce Atbodies
As mentioned above, iBio stock is having a great start to the trading session after announcing that it was chosen by Belgium-based atbtherapeutics to produce antibodies. In particular, under the agreement, IBIO will produce atbtherapeutics’ bioengineered antibody-toxin fusion proteins using its FastPharming System.
These fusion proteins are called atbodies and are designed for the treatment of various cancers. As a result of the agreement, IBIO plans on developing a manufacturing process and assays for select atbodies.
In a statement, Tom Isett, Chairman and CEO at IBIO, had the following to offer:
We are pleased to be chosen as the process development and manufacturing partner for atbtherapeutics, whose platform technology offers a unique approach for hard-to-treat hematological malignancies and solid tumors. We are looking forward to helping atbtherapeutics rapidly build a scalable manufacturing process so that its atbody drug candidates may quickly reach the clinic and begin to realize their potential in oncology.
The above statement was followed up by Bertand Magy, CEO at atbtherapeutics. Here’s what he had to say:
We are thrilled to be working with iBio, a high-quality, customer-focused CDMO whose proven expertise should be highly valuable as we prepare for our first safety trials. With iBio’s support, we believe we will be able to rapidly progress toward the clinic with our lead product candidates for the treatment of cancer.
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The Bottom Line
The bottom line here is simple. IBIO has been looked at as a COVID-19 play, and while there is some promise there, the company is far more than a pandemic-related opportunity. Today’s news further outlines that fact. The company’s FastPharming Facility offers a monumental competitive advantage in various areas, and the services it can provide through the Facility are likely to be in demand ahead.
With this new contract, IBIO isn’t just generating new revenues, the company is solidifying its role as a competitive CDMO that has the ability to produce compounds faster than just about any other company in the United States. All in all, IBIO stock is one to watch closely.
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