Navigation Links
iBio, Inc. receives Notice from NYSE MKT Staff that Company currently is not in compliance with an additional Continued Listing Standard

NEWARK, Del., April 22, 2013 /PRNewswire/ -- iBio, Inc. (NYSE MKT: IBIO) announced today that the Company has received notice from NYSE MKT (the "Exchange") that, based on a review of the Company's quarterly report on Form 10-Q for the period ended December 31, 2012, the Exchange Staff has concluded that the Company is not in compliance with Section 1003(a)(iv) of the Exchange Company Guide.  This criterion applies if a listed company has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.


As previously announced, the Exchange Staff notified the Company in February 2013 and November 2012 that it is not in compliance with the Exchange's continued listing criteria set forth in Section 1003(a)(ii) and Section 1003(a)(iii) of the Exchange Company Guide.  These listing criteria apply if a listed company has stockholders' equity of less than $4,000,000 and net losses in three of its four most recent years and stockholders' equity of less than $6,000,000 and net losses in its five most recent years, respectively.  In response to these prior notices, the Company submitted, and the Exchange subsequently accepted a plan of compliance which is intended to restore the Company's compliance with the criteria in Sections 1003(a)(ii) and Section (a)(iii) on or before October 14, 2013.  

In response to the current notice, the Company has been afforded the opportunity to submit a updated plan of compliance to the Exchange by May 6, 2013, that demonstrates the Company's ability to regain compliance with Section 1003(a)(iv) of the Company Guide by July 15, 2013.  

If the updated plan of compliance is not accepted by the Exchange, the Company would receive a delisting notice from the Exchange Staff; however, the Company would be afforded the opportunity to request a hearing before an independent Listing Qualifications Panel (the "Panel"). The Company would remain listed pending the conclusion of the hearing process and the expiration of any extension granted by the Panel.

The Company believes that it will be able to submit before May 6, 2013 an updated plan that will demonstrate to the satisfaction of the Exchange the Company's ability by July 15, 2013 to overcome the noted impairment and thereafter to comply with all of the Exchange's continued listing standards within the timeframes provided by the Exchange. 

If the updated plan is accepted, the Company will be subject to periodic review by the Staff of the Exchange during the plan period.  The failure by the Company to make progress consistent with the accepted plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the Exchange.

About iBio, Inc.

iBio develops and offers product applications of its iBioLaunch™ and iBioModulator™ platforms, providing collaborators full support for turn-key implementation of its technology for both proprietary and biosimilar products. Additionally, iBio is developing select product candidates that have been derived from the iBioLaunch platform.  The iBioLaunch platform is a proprietary, transformative technology for development and production of biologics using transient gene expression in unmodified green plants.  The iBioModulator platform is complementary to the iBioLaunch platform and is designed to significantly improve vaccine products with both higher potency and greater duration of effect.  The iBioModulator platform can be used with any recombinant expression technology for vaccine development and production. Further information is available at:

Forward‐Looking Statements

Statements included in this news release related to iBio, Inc. may constitute forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as lack of available capital, intellectual property protection issues, competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.

Robert Erwin , President
iBio, Inc.

SOURCE iBio, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. iBio, Inc. Receives Approval from NYSE MKT of Compliance Plan
2. Idaho Primary Care Association Receives Cambia Health Foundation grant for "Idaho Patient-Centered Medical Home" development in Idaho Community Health Centers
3. ARMGO Pharma Receives $1 Million Award from MDA to Support Advancement of Rycal Compound ARM210 as a Novel Treatment for Duchenne Muscular Dystrophy
4. Prostate Cancer Patient Receives First Treatment Using Latest Version of Vitesse Real-Time Brachytherapy Planning System from Varian Medical Systems
5. Sophono Alpha 2 Hearing System Receives FDA Clearance for Use With MRI
6. Rotech Receives Approval of First Day Motions; Approvals Ensure Operations Continue Normally
7. Neuralstem Receives Notice Of Allowance Of Patent Covering Use Of Stem Cells To Treat Amyotrophic Lateral Sclerosis
8. CryoLife Receives FDA Clearance For Next Generation HeRO Device
9. Hurel Receives $9.2 Million Series A Funding From Spring Mountain Capital
10. Kaiser Permanente Receives Award for Excellence in Medication Safety
11. Tengion Receives MPA Approval of CTA for Neo-Kidney Augment Phase 1 Trial in Sweden
Post Your Comments:
(Date:6/23/2016)... -- Research and Markets has announced the addition ... to their offering. The ... commercial environment for MedImmune to enter. The US ageing population ... to drive considerable growth for effective anti-influenza medications. The introduction ... considerably, but development is still in its infancy. ...
(Date:6/23/2016)... and INDIANAPOLIS , June 23, 2016 ... Lilly Diabetes Tomorrow,s Leaders Scholarship is any indication, the ... announced today online at by the ... diabetes stand in the way of academic and community ... Foundation,s scholarship program since 2012, and continues to advocate ...
(Date:6/23/2016)...  Guerbet announced today that it has been named ... . One of 12 suppliers to receive ... support of Premier members through exceptional local customer service ... to lower costs. ... outstanding customer service from Premier," says Massimo Carrara ...
Breaking Medicine Technology:
(Date:6/25/2016)... , ... June 25, 2016 , ... First Choice ... States, named Dr. Sesan Ogunleye, as the Medical Director of its new Mesquite-Samuell Farm ... Medical Director of our new Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van Mitchell, ... at Work award to iHire in recognition of their exemplary accomplishments in worksite health ... annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. ...
(Date:6/24/2016)... ... ... Those who have experienced traumatic events may suffer from a complex set ... drug or alcohol abuse, as a coping mechanism. To avoid this pain and suffering, ... traumatic event. , Trauma sufferers tend to feel a range of emotions, from depression, ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association ... it will receive two significant new grants to support its work to advance ... 25th anniversary by recognizing patients, medical professionals and scientists for their work in ...
(Date:6/24/2016)... ... 2016 , ... Comfort Keepers® of San Diego, CA is excited to announce ... program to drive cancer patients to and from their cancer treatments. Comfort Keepers ... of life and ongoing independence. Getting to and from medical treatments is one ...
Breaking Medicine News(10 mins):