ASTRALBIO


Associated tags: Transforming growth factor beta, EDT, PIPE, Drug development, Antibody, IND, Entrepreneurship, Learning, SAN, Eli Lilly, Patient, Exercise, Drug discovery, Obesity, DVM, Atrophy, Pharmaceutical industry

iBio and AstralBio Announce Transformative AI drug discovery Collaboration to Rapidly Develop Novel Antibodies for Obesity and Cardiometabolic Diseases

Retrieved on: 
Wednesday, March 27, 2024
Transforming growth factor beta, Eli Lilly, Atrophy, DVM, Obesity, Drug discovery, Exercise, Partnership, Patient, SAN, EDT, Learning, Entrepreneurship, IND, Antibody, Drug development, PIPE, Pharmaceutical industry

BRYAN, Texas and SAN DIEGO, March 27, 2024 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”) announces today that it has entered into a collaboration agreement with AstralBio, Inc. (“AstralBio”) to discover, engineer and develop novel antibodies to treat obesity and other cardiometabolic conditions.

Key Points: 
  • Yesterday, iBio announced the closing of a $15 million private placement financing with ADAR1 Capital Management, Lynx1 Capital Management, Ikarian Capital and other institutional investors.
  • The company will use a portion of the net proceeds to support new partnerships, such as this collaboration with AstralBio.
  • The goal of this transformative collaboration is to rapidly build a novel, best-in-class cardiometabolic disease portfolio by combining iBio’s ability to create antibodies against hard-to-drug targets with AstralBio’s significant biologics experience and drug development expertise.
  • iBio has the exclusive option to license three (3) cardiometabolic targets from AstralBio and will receive the rights to develop, manufacture and commercialize those targets upon exercise.