In September, iBio paid a very affordable price to gain access to an AI-based platform and new therapeutic candidates from the startup RubrYc as the Texas CDMO looks to dive further into drug discoveries. In its latest move, iBio is now jumping headfirst into drug discovery and the AI approach with the company getting rid of its CDMO arm.
The company announced on Thursday that it will divest its CDMO branch to form an “antibody discovery and development company.” The cash from the cost-savings and proceeds from the divestiture will be used to advance its lead oncology assets to the clinic and further develop the AI platform. The move will also be used to extend the company’s cash into the first half of 2024.
However, the move will result in some substantial layoffs as it will sell its 130,000 square foot cGMP facility in Bryan, Texas, and let go…
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