[Correction: This article was updated on Feb. 29 to correct the total securities figure.]
iBio Pharma (NYSEAMERICAN:IBIO) stock is blasting off on Friday as fears of the coronavirus from China continue to grow.
Here’s what investors need to know about the iBio Pharma stock increase.
- The increase in IBIO stock on Friday comes after a new filing with the U.S. Securities and Exchange Commission.
- This filing is for it to put out an additional $100 million worth of securities.
- That can include common stock, preferred stock, debt securities, warrants and/or units.
- Investors have hope in iBio Pharma as the company plans to try and tackle the new coronavirus.
- This was announced by it in a press release earlier this month.
- In that release, the company says it will be working alongside Beijing CC-Pharming to develop a vaccine for the virus.
- All of this news has resulted in IBIO stock seeing some massive gains starting earlier this week.
- This has seen the stock increase from 33 cents per share to $2.41 as of Friday afternoon.
Dr. Kevin Wang, the Chairman and Chief Scientific Officer of Beijing CC-Pharming, had this to say about the agreement with iBio Pharma earlier this month.
“This is an important collaboration to develop plant-derived vaccine strategies for the emerging coronavirus outbreak here in China, and around the world. iBio’s capabilities will enhance our ability to rapidly scale-up vaccine candidate production in effort to combat the 2019-nCoV virus’ threat to global health.”
IBIO stock was up 181.81% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.