NEWARK, Del., Feb. 13, 2013 /PRNewswire/ -- iBio, Inc. (NYSE MKT: IBIO) today announced that it has been notified by the NYSE MKT (the "Exchange") Staff that the Exchange has accepted the Company's plan of compliance which was submitted on December 21, 2012. The plan submitted in December 2012 was in response to the Staff's notice that the Company was not in compliance with the Exchange's continued listing requirement set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide. This rule requires a listed company to have stockholders' equity of at least $6,000,000 if it has experienced net losses in its five most recent fiscal years. In connection with accepting the Company's compliance plan, the Exchange has granted the Company an extension until October 14, 2013 to regain compliance with the $6,000,000 stockholders' equity requirement.
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.
In addition to the foregoing, the Company expects to receive notice from the Exchange that it does not satisfy the $4,000,000 stockholders' equity requirement set forth in Section 1003(a)(ii) of the NYSE MKT Company Guide following the filing of its Form 10-Q for the quarterly period ended December 31, 2012, since it experienced net losses in three of its most recent four fiscal years. The Company anticipated this when it submitted its compliance plan and designed the compliance plan, which has now been accepted, to address its non-compliance with both the $6,000,000 and $4,000,000 stockholders' equity requirements.
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. Advantages over other systems may include: success with proteins difficult or impossible to produce with other methods; broadly applicable to biologics, including therapeutic proteins and vaccines; production time measured in weeks instead of months or more. Additional benefits may include: surge capacity for remedial action against bioterrorism and pandemic disease; product entry that is unconstrained by traditional process patents, and significantly lower capital and operating costs for comparable production. 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.
Chief Financial Officer
SOURCE iBio, Inc.