iBio Announces Rights Grant for Anthrax-Plague Combination Vaccine
NEWARK, Del., Apr 07, 2010 (BUSINESS WIRE) -- iBio, Inc. confirmed today the grant of rights to use iBio's proprietary technology, the iBioLaunch(TM) platform, in support of a $5.3 million government-funded project for the development of a single vaccine to protect against both anthrax and plague. The project will be managed by Fraunhofer USA Center for Molecular Biotechnology (CMB) pursuant to the long-term agreement between iBio and CMB for advancement of the iBio technology.
"We believe this program will further demonstrate the ability of our technology to produce novel products rapidly, effectively and economically," said Robert Kay, Chairman and Chief Executive Officer of iBio, Inc.
"We are confident in our ability to deliver on the objective of this contract," said Dr. Vidadi Yusibov, Executive Director of CMB. "We expect to demonstrate the safety and efficacy of a one-shot vaccine in animal tests in preparation for clinical development."
iBio and CMB have developed a new biologics production platform based on the use of green plants to manufacture vaccines and therapeutic proteins. The technology has been successfully applied to a variety of candidate products, including an avian influenza vaccine planned to be the first product to enter a human clinical trial in 2010.
About iBio, Inc.
iBio, Inc. is a biopharmaceutical company commercializing its proprietary technology, the iBioLaunch(TM) platform, for the production of biologics including vaccines and therapeutic proteins. The iBioLaunch platform uses transient gene expression in green plants for superior efficiency in protein production. Advantages include significantly lower capital and process costs, and the technology is ideally suited to infectious disease applications where speed, scalability, and surge capacity are important. iBio's strategy is to utilize its technology for development and manufacture of its own product candidates and work with both corporate and government clients to reduce their costs during product development and meet their needs for low cost, high quality biologics manufacturing systems. iBio owns technology developed at the Fraunhofer USA Center for Molecular Biotechnology, and continues to sponsor development and refinement of the technology for broad applications in human healthcare. Further information is available at www.ibioinc.com.
About Fraunhofer USA Center for Molecular Biotechnology
Fraunhofer USA CMB, a division of Fraunhofer USA, Inc., is a not-for-profit research organization whose mission is to develop safe and effective vaccines targeting infectious diseases and autoimmune disorders. The technology CMB developed for iBio, Inc. provides a safe, rapid and economical alternative for both vaccine and therapeutic protein production. The Center conducts research in the area of plant biotechnology, utilizing new, cutting edge technologies applicable to the diagnosis, prevention and treatment of human and animal diseases. The Center houses individuals with expertise and excellence in plant virology, pathology, molecular biology, immunology, vaccinology, protein engineering, and biochemistry. Further information is available at www.fraunhofer-cmb.org.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Statements included in this release related to iBio, Inc. may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
SOURCE: iBio, Inc.