iBio, Inc. (NASDAQ: IBIO) announced a private placement financing expected to result in gross proceeds of approximately $26 million.
The financing, led by Frazier Life Sciences, involves the sale of 11,061,738 shares of common stock at a purchase price of $2.35 per share.
Proceeds will be used to advance preclinical cardiometabolic programs and other pipeline assets, extending iBio's cash runway into 2028.
Private Placement Financing
iBio is raising $26 million through a private placement with institutional investors.
Use of Proceeds
Funds will primarily support preclinical cardiometabolic programs and other pipeline assets.
Placement Agents
Leerink Partners acted as the lead placement agent for the offering.
- The financing enables iBio to advance key development milestones in their preclinical programs and extend their cash runway significantly.
- Participation from existing investors signals confidence in iBio's pipeline and potential future growth.
The private placement financing will provide iBio with the necessary capital to advance crucial programs and extend its financial runway, positioning the company for future growth and development.