iBio raises $50mln, $100mln with Series G and H warrants exercise.

iBio, an AI-driven biotech company, has closed a public offering of securities for initial gross proceeds of $50 million. The financing was led by Balyasny Asset Management and included participation from several other investors. If all Series G and H warrants are exercised in full, the company would receive an additional $50 million, bringing the total gross proceeds to $100 million.

iBio Inc. (Nasdaq: IBIO), a cutting-edge biotech company leveraging AI and advanced computational biology, has successfully closed its public offering, raising $50 million in initial gross proceeds. The offering, led by Balyasny Asset Management, included participation from several prominent investors such as Cormorant Asset Management and Adage Capital Partners. The proceeds will be used to advance iBio's preclinical cardiometabolic programs, including IBIO-610 and IBIO-600, through key development milestones.

The financing involves a complex structure of pre-funded warrants and common stock warrants. If all Series G and H warrants are exercised in full, iBio could receive an additional $50 million, bringing the total gross proceeds to $100 million. The Series G warrants are linked to a Trial Initiation Milestone and will expire either 30 trading days after the milestone announcement or five years from issuance, while Series H warrants have a four-year term.

The involvement of multiple specialized healthcare investors suggests thorough due diligence was conducted on iBio's technology platform and pipeline potential before this substantial capital commitment. The financing was led by Balyasny Asset Management, with bookrunning support from Leerink Partners, LifeSci Capital, and Oppenheimer & Co. iBio intends to use the net proceeds to advance its preclinical cardiometabolic programs, particularly IBIO-610 and IBIO-600, and to continue progressing its other preclinical pipeline assets.

The timing of the financing suggests iBio is preparing for potential IND filings, as evidenced by the Series G warrant structure being tied to clinical trial authorization milestones. This capital infusion should give iBio sufficient runway to reach key development inflection points, which could significantly increase its valuation if successful.

References:
[1] https://www.stocktitan.net/news/IBIO/i-bio-announces-closing-of-50-million-public-jyld41giw3el.html