Ibio (NYSEAMERICAN:IBIO) is seeing shares of IBIO stock soar higher on Wednesday following news of a contract for the biotech company.
According to a news release from iBio, the company has entered into a Statement of Work (SOW) under a Master Services Agreement (MSA) with ATB Therapeutics. This will have it producing bioengineered antibody-toxin fusion proteins for the company using its FastPharming system.
Ibio notes that this is the first SOW the company has received. This will have it creating proteins designed to treat cancer. The company will handle the development of manufacturing and assays for the fusion proteins, which is calls atbodies.
Tom Isett, chairman and CEO of iBio, said this about the news.
“We are pleased to be chosen as the process development and manufacturing partner for atbtherapeutics, whose platform technology offers a unique approach for hard-to-treat hematological malignancies and solid tumors. We are looking forward to helping atbtherapeutics rapidly build a scalable manufacturing process so that its atbody drug candidates may quickly reach the clinic and begin to realize their potential in oncology.”
The recent iBio news has resulted in an increase in the trading of the stock. This has more than 22 million shares of the stock changing hands as of this writing. For comparison, its daily average trading volume is only about half of that at 10.36 million shares.
IBIO stock was up 16.2% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
