Proceeds to be used to develop applications of proprietary technology
By Marisa Wong
Madison, Wis., Jan. 10 - iBio, Inc. announced it priced a public offering of 15,385,000 units at $0.65 each for gross proceeds of about $10 million.
Each unit consists of one share of common stock and 0.75 of a warrant to purchase one common share. The warrants will be exercisable at a price of $0.88 per share beginning one year and one day from the date of issuance. The warrants will expire one year after they become exercisable. The warrant strike price is identical to the closing share price on Jan. 9.
iBio will use proceeds for operating costs, including continuing to develop applications of its proprietary technology, business development, and for other general corporate purposes.
Roth Capital Partners, LLC was the manager for the offering.
The offering is expected to close on Jan. 13.
The biotechnology company is based in Newark, Del.
| Issuer: | iBio, Inc.
|
| Issue: | Units of one common share and 0.75 of a warrant
|
| Amount: | $10,000,250
|
| Units: | 15,385,000
|
| Price: | $0.65
|
| Warrants: | Each whole warrant to purchase one common share
|
| Warrant expiration: | For one year beginning one year and one day from closing date
|
| Warrant strike price: | $0.88 per share
|
| Bookrunner: | Roth Capital Partners, LLC
|
| Pricing date: | Jan. 10
|
| Settlement date; | Jan. 13
|
| Stock symbol: | NYSE Amex: IBIO
|
| Stock price: | $0.88 at close Jan. 9
|
| Market capitalization: | $25.65 million
|
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