IBio Inc. has priced an underwritten public offering of common stock and warrants to raise about $5 million in gross proceeds.
New York-based iBio is selling a total of 45,100,000 shares in the offering, through either common shares or warrants to purchase shares. The underwriters have been granted an option to purchase an additional 3,750,000 common shares, or 7,500,000 common warrants.
Shares in the offering will be sold at 20 cents apiece, with warrants exercised at 22 cents.
The company did not disclose how the proceeds will be used.
A.G.P./Alliance Global Partners is serving as book-running manager for the offering.
IBio is a plant-based biopharmaceutical contract development company that creates biologics for research and other manufacturing uses.