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news.iBioPharma has closed its $5 million private placement of common stock and warrants at a purchase price of $2.13 per share of common stock.
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The shares of common stock sold to the investors represent a 10% interest in the company. The company has also announced the conversion to the company’s common stock of approximately $7.9 million of debt owed (debt conversion) to Integrated BioPharma, the company’s former parent company.
The debt conversion releases the company from the repayment of the $7.9 million of debt to Integrated BioPharma.
Robert Kay, CEO of iBioPharma, said: “The closing of the private placement will allow the company to begin to implement its business strategy to create and advance our own product candidates applying our platform technology developed by Fraunhofer USA Center for Molecular Biotechnology.”