iBio prices 2.25M shares at $2.00 in public offering

iBio announced the pricing of its reasonable best efforts public offering of 2,250,000 of its shares of common stock and accompanying Series C and Series D warrants to purchase up to an aggregate of 2,250,000 shares of common stock at a combined public offering price of $2.00, resulting in gross proceeds of approximately $4.5 million. The Series C Warrants to purchase up to an aggregate of 2,250,000 shares of common stock and Series D Warrants to purchase up to an aggregate of 2,250,000 shares of common stock will have an exercise price of $2.00 per share, will be exercisable immediately following the date of issuance and will expire two years and five years from the original issuance date, respectively. The closing of the offering is expected to occur on or about December 7, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering primarily for working capital and general corporate purposes, including for research and development and other trial preparation expenses and, retention and severance payments to certain of its employees or former employees. The Company may also use a portion of the net proceeds to invest in or acquire other products, businesses or technologies, although it has no commitments or agreements with respect to any such investments or acquisitions as of the date of this press release. A.G.P./Alliance Global Partners is acting as the lead placement agent for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as co-placement agent for the offering.