iBio Inc News: Machine Learning Model Granted Patent

iBio, a company specializing in developing precision antibody immunotherapies, has announced that it has been issued a patent by the United States Patent and Trademark Office for its machine learning model to design engineered epitopes. These epitopes allow for the precise steering of therapeutic antibodies toward specific regions of a target protein. According to Martin Brenner, iBio’s Chief Scientific Officer, the patent solidifies the company’s position as a leader in AI-driven drug discovery. It provides a competitive advantage as it continues to build its pipeline of immunotherapies.

iBio’s RubrYc Discovery Engine is designed to tackle complex and challenging drug targets to develop safer and more effective immunotherapies for difficult-to-treat cancers. It uses a proprietary epitope steering technology, a specialized antibody library, and AI-powered antibody optimization to quickly identify and optimize molecules that can effectively address challenging drug targets. This allows for faster discovery compared to traditional antibody discovery methods. Using machine learning to design engineered epitopes, iBio’s technology can revolutionize how immunotherapies are developed, improving their effectiveness and potentially leading to better patient outcomes.

iBio Closes USD 3.5M Underwritten Public Offering (2022/12/12)

A total of 3,365,385 shares of iBio, Inc.’s common stock were offered in an underwritten public offering that was previously disclosed. Before subtracting the underwriting discounts, fees, and other selling costs, the gross proceeds from the sale were around $3.5 million. The Company plans to use the net proceeds primarily for operating purposes, such as for costs associated with research and development and other trial preparation.

iBio (NYSE: IBIO) CEO Resigns (2022/12/05)

CEO of iBio, Inc. Thomas F. Isett resigns as a member of the Board and immediately gives up his responsibilities as an officer and CEO of the company. The leadership group will be under the direction of existing Chair William (Chip) Clark while the Company searches for a replacement.

Accelerates Transformation to AI-Powered Biotech (2022/11/03)

iBio, Inc. (NYSE: IBIO) plans to sell its contract development and manufacturing organization (CDMO) to pivot the company into antibody discovery and development. The divestiture’s proceeds and cost-savings will advance the firm’s lead immuno-oncology assets towards clinical trials, alongside further developing the RubrYc® Discovery Engine, its AI platform for generating therapeutic candidates. iBio is focusing on developing its immunotherapy IBIO-101 and two antibody candidates from its discovery platform, EGFRvIII and CCR8. The divestment of the CDMO, expected to be finalized in 2023, involves a 60% reduction in staffing levels, primarily affecting the Bryan, Texas facility, while most operations will be moved to a new Drug Discovery Center in San Diego. The move to San Diego has prompted a search for a new CEO, with current CEO Tom Isett expected to remain until the transition is complete. The firm anticipates the restructuring will halve its monthly expenses, providing financial stability until 2024.

iBio Acquires RubrYc Therapeutics’ AI Drug Discovery Platform and Pipeline (2022/09/22)

iBio, Inc. (NYSE: IBIO) has announced the acquisition of its partner, RubrYc Therapeutics, Inc., thereby taking a significant step towards its transformation into a biopharmaceutical discovery and development company. The acquisition includes an AI drug discovery platform, rights to two molecules, three immuno-oncology candidates, and a PD-1 agonist for autoimmune diseases. The terms include an upfront payment of $1 million in iBio’s common stock and up to $5 million in development milestones over five years. iBio is reviewing ways to accelerate its transformation and extend its cash runway beyond September 30, 2023, which include asset sales, partnerships, cost reductions, and raising additional non-dilutive capital. The acquisition’s completion is subject to the approval of the NYSE American and other customary closing conditions.

Provides Updates On Its COVID Vaccine (2022/08/17)

iBio, Inc. (NYSE: IBIO) is developing a next-generation COVID-19 vaccine, IBIO-202, which targets the more conserved nucleocapsid (“N”) protein of the virus instead of the frequently mutating spike protein used by most current vaccines. The company has recently completed its first manufacturing run of the N antigen using its proprietary FastPharming System. The antigen is undergoing release testing, and if it clears, it will be used in IBIO-202 clinical studies. The company’s CEO, Tom Isett, emphasized the need for a vaccine that protected against existing and potential new variants for extended periods and referenced growing legislative support for next-generation COVID-19 vaccines.