CEO of iBio, Inc. Thomas F. Isett resigns as a member of the Board and gives up his responsibilities as an officer and CEO of the company with immediate effect. The leadership group will be under the direction of existing Chair William (Chip) Clark while the Company conducts its search for a replacement.
On December 2nd, the Board of Directors and Thomas F. Isett, the Company’s Chief Executive Officer, reached an agreement that Mr. Isett would resign as a member of the Board and give up his responsibilities as an officer and CEO of the Company, effective immediately, according to iBio, Inc. (NYSEA:IBIO). The leadership group will be under the direction of William (Chip) Clark, the current Chair of the Board, while the Company conducts its search for a replacement.
“Tom has contributed to iBio’s evolution as an AI-driven antibody discovery and development company,” according to Mr. Clark. “We are prepared for our next chapter thanks to Tom’s leadership in the development of a portfolio of drug candidates, the purchase of RubrYc’s patented drug discovery engine, the development of the leadership team, and the restructuring of our Board of Directors.”
Mr. Isett expressed his satisfaction at having supported iBio during this turbulent and crucial time of development. “I have faith that the Company is in capable hands. Many thanks and best wishes to everyone at iBio as they work to support the development of fresh, improved medicines for cancer patients.”
The company recently announced entering into a restructuring plan with the aim of saving roughly 50% of its costs by divesting its CDMO facility and focusing on the development of its RubrYc® Discovery Engine.
Image provided by iBio (NYSEA:IBIO)
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