iBio (IBIO.US) secures iBio-600 antibody license to expand its cardiovascular metabolic and obesity treatment project.

iBio (IBIO.US) announced on Thursday that it has licensed AstralBio's long-acting anti-GHRL antibody, which will expand its cardiovascular and obesity treatment development project. The antibody is currently named iBio-600, which was identified by AstralBio using iBio's proprietary technology, designed for subcutaneous administration with potential for extended half-life. Under the agreement, AstralBio will receive a $750,000 upfront payment, which iBio paid through the issuance of common stock to AstralBio. As of the writing, iBio's US stock rose 2.04% before the market opened. In addition, AstralBio will be eligible to receive up to $28 million in development and commercialization milestone payments. If iBio re-licenses the licensed product, AstralBio will receive a 2%-7% royalty on the revenue. Meanwhile, iBio has initiated a dual-specific antibody program targeting GHRL/activin a, using its proprietary drug discovery platform and iBio-600 technology to treat obesity and cardiovascular metabolic disorders.