iBio Inc (IBIO)

[Chance To See]

Thanks very much for the detail.

-- Your description of the platform (“ready to manufacture all biologics that any pharma big or small would want to produce in a more efficient and cost effective manner”) is very vivid – and the reason why the lack of contracts is so puzzling. (But this is certainly not the first time that I’ve seen a tremendous product languish on the shelves. Also not the first time that a company’s management has miscalculated and misstated the length of time necessary for product acceptance.)

-- When Kay said, “…the price is the price…” do you understand that to imply that potential licensees are balking at the price?

-- It was reported on the Yahoo board that a questioner asked about the “financial crisis” and Kay’s response was, “We don’t have a financial crisis.” Very similar to his response to you – focusing on the words but giving no information.

-- Unfortunately, my average price is over $4.50/share, so I have a way to go to get whole again. I bought heavily (for me) after the Fiocruz contract was announced, thinking that that was a tremendous independent validation of the platform and that other contracts would quickly follow – especially with GE out there selling it.