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 CDMO outfit iBio has netted a deal that sees it gain access to an AI-based platform as well as new therapeutic candidates as it looks to dive further into drug discovery.
https://www.globenewswire.com/news-release/2022/09/21/2520179/0/en/iBio-Acquires-RubrYc-Therapeutics-AI-Drug-Discovery-Platform-and-Pipeline.html
SAN CARLOS, Calif .-- ( BUSINESS WIRE) - RubrYc Therapeutics, Inc. (“RubrYc”) and iBio, Inc. (“iBio”, NYSEA: IBIO) today announced the closing of the Series A2 preferred share financing of RubrYc and agreements license and collaboration, concomitant focused on the research, development and commercialization of therapeutic antibodies targeting epitopes. With this transaction, iBio becomes a significant strategic investor with its $ 7.5 million investment in Series A2 preferred shares of RubrYc, joining Third Point Ventures, Paladin Capital Group, Vital Venture Capital, and Hayan Health Networks in the syndicate of investors of the Company. Additionally, iBio has secured exclusive worldwide rights to advance RubrYc's core program, RTX-003,
SAN CARLOS, Calif.--(BUSINESS WIRE)--RubrYc Therapeutics, Inc., a pre-clinical biotherapeutics company developing epitope selective therapies, today announced that it has entered into a research collaboration and license option agreement with Zai Labs, Inc. for the use of RubrYc’s Meso-scale Engineered Molecules (MEMs) platform, to identify monoclonal antibodies with enhanced biological function for an undisclosed oncology target.