Healthcare Industry News: iBio
News Release - March 4, 2010
iBio Appoints Vidadi Yusibov, Ph.D. Chief Scientific Officer
NEWARK, Del.--(HSMN NewsFeed)--iBio, Inc. (OTCBB:IBPM ) announced today the appointment of Vidadi Yusibov, Ph.D. as Chief Scientific Officer. Dr. Yusibov is the Executive Director of the Fraunhofer USA Center for Molecular Biotechnology (CMB) in Newark, Delaware, a position he will continue to hold.“Dr. Yusibov’s success in building a world-class research organization, and his extensive experience in the development of technology to enable plant-made pharmaceuticals and vaccines will serve us well as we implement our commercial strategy based on the strengths of our technology,” said Robert B. Kay, Chairman and Chief Executive Officer of iBio.
Prior to joining CMB, Dr. Yusibov served as Assistant Professor in the Department of Microbiology and Immunology at Thomas Jefferson University in Philadelphia. Dr. Yusibov received his Ph.D. in molecular biology from the Academy of Sciences in Moscow, Russia and conducted post-doctoral research at Purdue University. He is currently a Senior Research Fellow at the Delaware Biotechnology Institute.
“I am very pleased to have the opportunity to work with two excellent organizations,” said Dr. Yusibov. “There are attractive synergies between CMB as a not-for-profit organization, and iBio as a public company, and I look forward to contributing to the growing value of both.”
About iBio, Inc.
iBio, Inc. is a biopharmaceutical company commercializing its proprietary technology, the iBioLaunch™ platform, for the production of biologics including vaccines and therapeutic proteins. The iBioLaunch platform uses transient gene expression in green plants for superior efficiency in protein production. Advantages include significantly lower capital and process costs, and the technology is ideally suited to infectious disease applications where speed, scalability, and surge capacity are important. iBio’s strategy is to utilize its technology for development and manufacture of its own product candidates and work with both corporate and government clients to reduce their costs during product development and meet their needs for low cost, high quality biologics manufacturing systems. iBio owns technology developed at the Fraunhofer USA Center for Molecular Biotechnology, and continues to sponsor development and refinement of the technology for broad applications in human healthcare. Further information is available at www.ibioinc.com.
About Fraunhofer USA Center for Molecular Biotechnology
Fraunhofer USA CMB, a division of Fraunhofer USA, Inc., is a not-for-profit research organization whose mission is to develop safe and effective vaccines targeting infectious diseases and autoimmune disorders. The technology CMB developed for iBio, Inc. provides a safe, rapid and economical alternative for both vaccine and therapeutic protein production. The Center conducts research in the area of plant biotechnology, utilizing new, cutting edge technologies applicable to the diagnosis, prevention and treatment of human and animal diseases. The Center houses individuals with expertise and excellence in plant virology, pathology, molecular biology, immunology, vaccinology, protein engineering, and biochemistry. Further information is available at www.fraunhofer-cmb.org.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Statements included in this 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 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.
Source: iBio, Inc.
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