IBIO - This PR came out on 8/26.
iBio Enters Into $10 Million Common Stock Purchase Agreement With Aspire Capital
NEWARK, DE, Aug 26, 2014 (Marketwired via COMTEX) -- iBio, Inc. (nyse mkt:IBIO), a leading provider of plant-based biotechnology for developing and manufacturing biological products, today announced it has entered into a common stock purchase agreement with Aspire Capital Fund, LLC. Within two business days of approval of the transaction by the NYSE MKT, Aspire Capital will complete an initial purchase of 1,136,354 shares of common stock at $0.44 per share, the closing sale price of iBio's common stock on the NYSE MKT on the business day prior to entry into the purchase agreement with Aspire Capital, for proceeds of $500,000. After the SEC declares a registration statement effective relating to the transaction, Aspire Capital has committed to purchase up to $9.5 million in additional shares of common stock over a 24 month period. No warrants are associated with this agreement.
"This agreement will enable iBio to sell shares to Aspire Capital from time to time at prices approximating the market price of our shares at the time of each sale," said Robert B. Kay, iBio's CEO. "We believe this agreement is particularly appropriate for iBio at this time. It helps to assure adequate funding for our fibrosis drug development to a point at which efficacy may be demonstrated and will help to enable expansion of our Brazil product partnerships. At the same time, as we work to achieve our various milestones and increase our stock price, this agreement will allow iBio to sell shares at higher prices over time thereby reducing our cost of capital and minimizing dilution."
AI
