Biotechnology company iBio and its wholly-owned subsidiary, iBio CDMO, entered into an amendment to the credit agreement dated Nov. 1, 2021, with its lender, Woodforest National Bank, extending the agreement’s maturity date from Dec. 31, 2023, to the earlier March 29, 2024, or the acceleration of maturity of the term loan in accordance with the credit agreement.
“We are pleased to have worked constructively with Woodforest to execute this amendment and extension of the maturity date of our existing Credit Agreement,” Martin Brenner, DVM, Ph.D., CEO and chief scientific officer of iBio, said. “This provides us with additional financial flexibility to focus on the sale of our cGMP biologics manufacturing facility in Texas concurrent with the continued advancement of our AI drug discovery platform and immunotherapy pipeline out of our research and development center in California.”
