IBio In Partnership With AstralBio; Shares Up In Pre-market

(RTTNews) - iBio, Inc. (IBIO) Wednesday announced partnership with AstralBio, Inc. to develop novel antibodies to treat obesity and other cardiometabolic conditions. iBio shares were up more than 84 percent in premarket at $2.12.

iBio shares had closed at $1.15, up 5.02 percent on Tuesday. It has been trading in the range of $1.02 - 49.00 in the last 1 year.

As part of the agreement, iBio will use its AI-powered technology to discover, engineer and develop obesity-focused therapeutic targets.

iBio and AstralBio have agreed to initiate the development of a novel lead program focused on targeting the transforming growth factor beta (TGFb) superfamily for the treatment of muscle wasting and obesity.

The company plans to use a part of the proceeds from the $15 million private placement financing from ADAR1 Capital Management, Lynx1 Capital Management, Ikarian Capital and other institutional investors, that was announced yesterday, to fund this collaboration. iBio expects the proceeds will extend its cash runway to fund its operating plan through fiscal year 2025.