iBio, Inc. Submits Plan to Satisfy NYSE Amex Continued Listing Standards
NEWARK, Del., Nov. 30, 2011 /PRNewswire/ -- iBio, Inc. (NYSE AMEX: IBIO) today announced that it has submitted its plan (the "Plan") to satisfy the requirements for continued listing on the NYSE Amex LLC (the "Exchange") to the Exchange's Corporate Compliance Department management (the "Staff") for their review, and that the Company is currently awaiting a response from the Staff in connection therewith. As previously announced, the Staff indicated that its review of the Company's Form 10-K for the year ended June 30, 2011, indicated that the Company is not in compliance with Section 1003(a)(iv), as more particularly described in the Company's November 7 press release.
Questions received by the Company following its November 7th press release reflected lack of public understanding of the process followed by the Exchange. Consequently, iBio wishes to provide a brief description of the process the Exchange follows after submission of a Plan.
The Staff will evaluate the Plan, including any supporting documentation, and make a determination as to whether the Company has made a reasonable demonstration of its ability to regain compliance with the continued listing standards within the specified time frame. If the Staff concludes that the Company has made the necessary demonstration, the Plan will be accepted and the Company will be able to continue its listing during the Plan period. The Company will be subject to periodic reviews during the Plan period to determine whether it is making progress consistent with the Plan. If the Staff determines that the Company is not making the necessary progress, consistent with the Plan, it may terminate the Plan period and initiate delisting proceedings.
If the Plan is not accepted, or if the Company fails to demonstrate compliance with the applicable listing requirements by the end of the Plan period, the Staff will initiate delisting proceedings. However, the Company may appeal a Staff determination to initiate delisting proceedings to an independent Listing Qualifications Panel of the Exchange Committee on Securities (the "Panel") in accordance with the Exchange's Company Guide. The filing of an appeal would stay any delisting action at least until the Panel renders its decision following a hearing. It generally takes approximately 45 days to hold such a hearing.
About iBio, Inc.
iBio develops and offers product applications of its iBioLaunch™ platform, 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 technology has been applied successfully to proteins difficult or impossible to produce with other methods, as well as proteins representative most important classes of biologic pharmaceuticals. Advantages of the iBioLaunch platform over other systems include enablement of rapid development and validation of modular, scalable, and optionally robotic, multi-product manufacturing facilities; production time measured in weeks instead of months or more; product entry that is unconstrained by traditional process patents; and significantly lower capital and operating costs for comparable production. Further information is available at: www.ibioinc.com.
Statements included in this news release related to iBio, Inc. may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
Robert Erwin, President
Douglas Beck, CFO
SOURCE iBio, Inc.