iBio closes $50 million public offering led by Balyasny

iBio Inc. (NASDAQ: IBIO) completed a $50 million underwritten public offering that could generate total gross proceeds of $100 million if all warrants are exercised for cash, according to a company statement.

The offering was led by Balyasny Asset Management with participation from Cormorant Asset Management, Adage Capital Partners LP, Ally Bridge Group, Marshall Wace, Coastlands Capital, SilverArc Capital Management, Vestal Point Capital, and Ausangate Capital.

The company issued pre-funded warrants to purchase 71.54 million shares of common stock and accompanying Series G warrants representing the right to purchase 35.77 million shares. Additional Series H warrants represent the right to purchase another 35.77 million shares. The combined offering price was $0.699 per unit.

The Series G and Series H warrants have an exercise price of $0.70 per share. Series G warrants will expire within 30 trading days after iBio announces acceptance of an Investigational New Drug Application or equivalent clinical trial submission, or after five years, whichever comes first. Series H warrants expire four years from the closing date.

iBio plans to use proceeds to advance preclinical cardiometabolic programs, including IBIO-610 and IBIO-600 programs, progress other pipeline assets, and fund working capital requirements.

Leerink Partners served as lead bookrunner, while LifeSci Capital and Oppenheimer & Co. acted as bookrunning managers. Brookline Capital Markets served as financial advisor.

The AI-driven biotech company develops precision antibody therapies for cardiometabolic diseases, obesity, and cancer.

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