NEWARK, Del., Dec. 7, 2011 /PRNewswire/ -- iBio, Inc. (NYSE AMEX: IBIO) today announced that Jules A. Musing, an iBio Director, will assume a role as a Managing Director of the Company for at least the next six months in order to accelerate the Company's business development activity. Mr. Musing, formerly a Senior Executive at Johnson & Johnson, joined iBio's Board of Directors in June of 2011. In the course of his career in the Pharmaceutical and Biotechnology Industry, Mr. Musing has been President and Managing Director for Johnson & Johnson, Janssen Pharmaceutica, and Ares Serono companies. At Johnson & Johnson, Mr. Musing was also responsible for worldwide licensing and acquisition of pharmaceutical and biotechnology products and technologies and the establishment of strategic alliances. His activities included the establishment of new scientific and product collaborations in various therapeutic areas, the negotiation of licensing and alliance agreements with biotechnology and pharmaceutical companies worldwide, and the partnering, spin-out and out-licensing of company pharmaceutical and biotechnology assets.
In his role as an iBio Managing Director, Mr. Musing will focus on the Company's business development and licensing activities, including direct dealings with third parties and development of human and material resources to enlarge the Company's business development capacity.
"Jules will help us expand our business development capability rapidly to deal with the product candidates already developed on our platform and those we expect in the next few months," said Robert B. Kay, iBio's Chairman and CEO. "We expect Jules' experience as a deal maker and his access to senior management in potential users of our technologies to lead to important business opportunities for us in a variety of U.S. and international markets. We are most fortunate to have his participation during this stage of our growth."
About iBio, Inc.
iBio develops and offers product applications of its iBioLaunch™ platform, providing collaborators full support for turn-key implementation of its technology for both proprietary and biosimilar products. The iBioLaunch platform is a proprietary, transformative technology for development and production of biologics using transient gene expression in unmodified green plants. The technology has been applied successfully to proteins difficult or impossible to produce with other methods, as well as proteins representative of most important classes of biologic pharmaceuticals. Advantages of the iBioLaunch platform over other systems include enablement of rapid development and validation of modular, scalable, and optionally robotic, multi-product manufacturing facilities; production time measured in weeks instead of months or more; product entry that is unconstrained by traditional process patents; and significantly lower capital and operating costs for comparable production. Further information is available at: www.ibioinc.com.
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.
Robert Erwin, President
Douglas Beck, CFO
SOURCE iBio, Inc.
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