Scottsdale 9/3/2010 3:35:20 AM
iBio, Inc. (IBPM.OB) Teams up with Two Strong Industry Players to Develop and Market Biopharmaceutical Solutions
QualityStocks would like to highlight iBio Inc. (OTCBB: IBPM), a biopharmaceutical company commercializing its proprietary technology, the iBioLaunch™ platform, for the production of biologics including vaccines and therapeutic proteins.
In the company’s news yesterday,
The company announced that it has entered into a joint agreement with its development collaborator, Fraunhofer USA Center for Molecular Biotechnology (CMB), and GE Healthcare, a unit of General Electric Company (NYSE: GE), to collaboratively develop and globally market manufacturing solutions for biopharmaceuticals and vaccines based upon their respective proprietary technologies. Financial terms of the agreement were not disclosed.
The initiative combines GE Healthcare’s capabilities and worldwide presence in life sciences, iBio’s iBioLaunch plant-based vaccine and therapeutic protein manufacturing platform, and CMB’s advanced vaccine and molecular biology expertise.
Per the arrangement, GE Healthcare will integrate its bioprocessing products and process expertise with the iBioLaunch platform, and will support the development of products based on iBioLaunch.
Robert B. Kay, chairman and CEO of iBio, said he expects that the partnership with GE will provide rapid and expanded market presence for iBio’s technology platform.
“We expect this relationship with GE Healthcare to accelerate and broaden market penetration for our technology through access to GE Healthcare’s existing relationships and its skill and experience with project implementation and process development,” Kay stated in the press release. “This is another implementation of our model to affiliate and out-source with best-in-class collaborators like GE Healthcare and CMB as the fastest and lowest risk path to revenue growth.”
Dr. Vidadi Yusibov, executive director of CMB and chief scientific officer of iBio, said much background has gone into the arrangement to ensure a quick start.
“We have already done considerable planning and work with GE Healthcare to prepare for implementation of this agreement,” Dr. Yusibov stated. “Therefore, we expect this relationship to start quickly and continue long after its initial three-year term to provide important results for our collective customers as we combine GE Healthcare’s products, skills and relationships with the technology we developed and are implementing in our new Delaware facility.”
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