iBio, Inc. (AMEX: IBIO) soared 5.85% after the company has signed a Master Service Agreement with Safi Biosolutions, Inc. to develop cytokines and growth factors using the FastPharming system. As per the agreement, Safi will assess the FastPharming system of iBio for the checking of key proteins to be used in the bioprocessing of Safi blood cell therapy products.
After the agreement, the pharmaceutical and development teams of iBio will work with Safi to evaluate options to use iBio’s FastPharming System to generate cGMP growth factors and cytokines. Safi a biotech company aimed to produce blood on demand which is a national priority and now becomes the first priority of Safi Biosolutions, Inc.
The company’s initial development efforts for manufactured blood cell therapies include red blood cells for trauma, modified red blood cells for specific transfusion indications, and a neutrophil progenitor cell therapy for the treatment of chemotherapy-induced neutropenia. Safi turned to iBio’s plant-based protein expression system.
iBio, Inc. (AMEX: IBIO) shares were trading up 5.85% at $2.17 at the time of writing on Friday. iBio, Inc. (AMEX: IBIO) share price went from a low point around $0.05 to briefly over $7.45 in the past 52 weeks, though shares have since pulled back to $2.17. It has moved up 4240.00% from its 52-weeks low and moved down -70.87% from its 52-weeks high. IBIO market cap has remained high, hitting $331.75 million at the time of writing.
Furthermore, iBio Inc has announced that it has decided to invest $1.5 million in Safi in the form of a convertible promissory note. The company revealed that the convertible promissory note will have an interest rate of 5% per annum and will be fully convertible into common shares of Safi, at the option of iBio under certain circumstances.