iBio, Inc. Receives Notice that NYSE MKT Grants Extension to Regain Compliance with Continued Listing Standards and Corrects Misleading Third-Party Statements
NEWARK, Del., Oct. 14, 2013 /PRNewswire/ -- iBio, Inc. (NYSE MKT: IBIO) today announced that on October 11, 2013, the NYSE MKT (the "Exchange") notified the Company that it accepted the Company's updated Plan of Compliance and granted the Company an extension until December 2, 2013 to regain compliance with the continued listing standards set forth in Sections1003(a)(ii), 1003(a)(iii), and 1003(a)(iv) of the NYSE MKT Company Guide.
During the extension period, the Company will be subject to periodic review by the Staff of the Exchange. The failure by the Company to make progress consistent with the accepted plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the Exchange.
Although the Company's general policy is not to respond to market rumors and to let its press releases and SEC filings speak for themselves, it is making an exception today to correct egregiously misleading statements contained in an article about the Company published during market trading on Friday, October 11, 2013.
The article stated that iBio "insider selling has been ferocious" even though the table within the article purporting to support that claim shows that during the trailing 19 month period, net insider holdings of the Company's stock increased by more than 5.3 million shares. The article also falsely claimed that the Company was out of cash even though the audited financial statements of the Company and the narrative discussion of the Annual Report, both contained in the Company's 10-K filed on September 30, 2013, and the Company's October 7, 2013 release discussing the 10-K and subsequent events, all prove otherwise.
The Company cautions shareholders and interested investors to refer to iBio's SEC filings for accurate information on the Company and its financial condition and reiterates its longstanding commitment to full and accurate disclosure of material information.
About iBio, Inc.
iBio develops and offers product applications of its iBioLaunch™ and iBioModulator™ platforms, providing collaborators full support for turn-key implementation of its technology for both proprietary and biosimilar products. The iBioLaunch platform is a proprietary, transformative technology for development and production of biologics using transient gene expression in unmodified green plants. The iBioModulator platform is complementary to the iBioLaunch platform and is designed to significantly improve vaccine products by increasing potency and lengthening duration of effect. The iBioModulator platform can be used with any recombinant expression technology for vaccine development and production. Further information is available at www.ibioinc.com.
Various statements in this release concerning iBio's future expectations, plans and prospects, including without limitation, iBio's ability to regain compliance with the continued listing standards on a timely basis constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, without limitation, iBio's failure to make progress consistent with the plan approved by the Exchange or iBio's failure to meet other criteria necessary for continued listed on the Exchange, as well as those risks more fully discussed in the "Risk Factors" section of the documents filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent iBio's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. iBio does not assume any obligation to update any forward-looking statements.
SOURCE iBio, Inc.