Ibio Inc (NYSE:IBIO) reported revenues of $0.8 million from manufacturing and development services in Q3 2021. Its R&D expenses increased to $2.2 million in Q3 2021 from $1.1 million in Q3 2020.
Ibio’s G&A expenses rose to $5.3 million (up 76.6% YoY) in Q3 2021 because of increased headcount and operations to spur its business growth. The company maintains debt investments, cash, and CE (Cash Equivalents) of $103.9 million in Q3 2021.
Maintains sufficient funds
Ibio settled its litigation with FUSA (Fraunhofer USA) and augmented its financial position. It maintains sufficient funds to support its planned operations for the next two years.
Ibio inducted Robert M. Lutz as CFO, Martin B. Brenner as CSO to strengthen its leadership on March 4, and January 18, 2021. It also increased the staff to 57 employees (up 21%) in Q3 2021.
CEO and Chairman of Ibio, said the company reported strong revenue growth in Q3 2021 by advancing its 2nd generation coronavirus vaccine candidate and defending its IP rights. Also, the company achieved significant progress in adding new products and extending its Bioanalytical Services offerings.
Ibio initiated the development of a subunit vaccine candidate – IBIO-202 that targets N-protein (nucleocapsid protein) of SARS-CoV-2 in May 2021. The company utilized its FastPharming System to express N protein antigens.
Ibio commenced intranasal and intramuscular clinical trials to test antigen-adjuvant combinations for strong immune and T-Cell memory responses. The company expects to read out the initial results in Q1 2022.
Ibio said its COVID-19 vaccine candidate – IBIO-201 derived from S protein (Spike protein) and blended with LicKM Immunostimulator, successfully concluded its IND-enabling toxicology trial. It has not reported any adverse side effects either at high or low doses.
Ibio submitted OP (outline of production) and facility documentation to productionize its IBIO-400 for review by the U.S. Department of Agriculture.
Ibio expects to incorporate drug discovery facilities in San Diego, California. It will initially focus on using monoclonal antibodies in oncology. It also continues IBIO-100’s preclinical development and expects to commence IND-enabling studies in 2022.
Ibio expanded its Bioanalytical services to include middle-down characterization, new proteomic assays, and intact protein analysis for monoclonal antibodies.