NEW YORK, Dec. 03, 2019 (GLOBE NEWSWIRE) -- iBio, Inc. IBIO today announced that it is now part of a new public-private Manufacturing USA initiative, the Advanced Regenerative Manufacturing Institute ("ARMI"). Headquartered in Manchester, New Hampshire, ARMI is the 12th Manufacturing USA Institute. ARMI brings together a consortium of over 100 partner organizations from industry, government, academia and the non-profit sector to develop next-generation manufacturing processes and technologies for cells, tissues and organs.
Approximately $80 million from the federal government is being combined with more than $200 million in cost-share to support the development of tissue and organ manufacturing capabilities. As part of continuing efforts to help revitalize American manufacturing and incentivize companies to invest in new technology development in the United States, ARMI will lead the Advanced Tissue Biofabrication ("ATB") initiative on behalf of the Department of Defense. ARMI will also focus on creating state-of-the-art manufacturing innovations in biomaterial and cell processing.
"We need to develop 21st century tools for engineered tissue manufacturing that will allow these innovations to be widely available – similar to how a 15th century tool (the printing press) allowed knowledge to spread widely during the Renaissance," said inventor Dean Kamen, ARMI's chairman.
"We are pleased to join the ARMI consortium and contribute our expertise in biologics production," commented Robert B. Kay, iBio's Chairman and CEO. "Our proven FastPharming™ System is uniquely suited to support the need for high-performing raw materials for biofabrication and cell culture given the speed, consistency, safety and scalability of protein production in plants. We are looking forward to collaborating with the other esteemed members of ARMI/ATB to help advance biomaterial innovation for 3D bioprinting applications."
About iBio
iBio, Inc., is a global leader in plant-based biologics manufacturing. Its FastPharming™ System combines vertical farming, automated hydroponics, and glycan engineering technologies to rapidly deliver gram quantities of high-quality monoclonal antibodies, vaccines, bioinks and other proteins. The Company's wholly-owned subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services via its 130,000 square foot facility in Bryan, Texas. iBio CDMO also enables innovators to use the FastPharming System for insourced manufacturing via its Factory Solutions "design-and-build" services. iBio is also developing its own proprietary products which include its lead asset, IBIO-100, for the treatment of fibrotic diseases. For more information, visit www.ibioinc.com.
About ARMI
The Advanced Regenerative Manufacturing Institute (ARMI), headquartered in Manchester, NH, is the 12th Manufacturing USA Institute. It brings together a consortium of over 150 partners from across industry, government, academia and the non-profit sector to develop next-generation manufacturing processes and technologies for cells, tissues and organs. ARMI will work to organize the current fragmented domestic capabilities in tissue Biofabrication technology to better position the U.S. relative to global competition. For more information on ARMI, please visit www.ARMIUSA.org.
FORWARD-LOOKING STATEMENTS
STATEMENTS INCLUDED IN THIS NEWS 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.
Contact:
Stephen Kilmer
Investor Relations
(646) 274-3580
skilmer@ibioinc.com
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