SAN CARLOS, CALIF.-- August 26, 2021 -- RubrYc Therapeutics, Inc. (“RubrYc”) and iBio, Inc. (“iBio”, NYSEA: IBIO) announced today the closing of RubrYc’s Series A2 Preferred Financing, and concomitant License and Collaboration Agreements directed towards the research, development, and commercialization of epitope-targeted antibody therapeutics. With this transaction, iBio becomes an important strategic investor with its $7.5M investment in the RubrYc’s Series A2 Preferred equity, joining Third Point Ventures, Paladin Capital Group, Vital Venture Capital, and Hayan Health Networks in the Company’s investor syndicate. Additionally, iBio secures exclusive worldwide rights to advance RubrYc’s lead program, RTX-003, a CD25 targeted monoclonal antibody for selective depletion of regulatory T cells in the solid tumor microenvironment.

The collaboration will allow the parties to combine RubrYc’s Discovery Engine and antibody discovery expertise with iBio’s capabilities as a developer of next-generation biopharmaceuticals and pioneer of the sustainable FastPharming Manufacturing System® to create novel therapies for patients in need. Under the terms of the agreement RubrYc will be responsible for the discovery of epitope-targeted drug candidates using RubrYc’s proprietary Meso-scale Engineered Molecules to steer antibody discovery campaigns to particular epitopes on mutually agreeable disease targets. iBio will collaborate in discovery campaigns and will be responsible for conducting preclinical, clinical and commercialization activities for the selected drug candidates from the collaboration.

Under the terms of the agreement, if iBio develops and commercializes multiple candidates produced in the collaboration, RubrYc could receive more than $84 million as milestone payments related to discovery and development activities. RubrYc may also receive royalties on worldwide net sales of any commercial products developed through the collaboration.

“We are excited to collaborate with iBio,” stated RubrYc’s Co-Founder and Chief Executive Officer, Isaac Bright, MD, “an ambitious partner whose strategic transformation is aligned with our vision to efficiently discover and develop epitope-targeted therapies that promise to outperform conventionally discovered precedent molecules. iBio is also a fantastic partner to advance our lead campaign, RTX-003, an anti-CD25 monoclonal antibody we’ve discovered that shows tremendous promise as a regulatory T Cell depletor for multiple solid tumor indications.”

“We expect RubrYc’s epitope-targeting antibody discovery technology to drive differentiated campaigns attacking challenging targets, and to efficiently confer multiple opportunities to discover and advance epitope-advantaged antibodies against well-characterized oncology targets,” said iBio’s Chief Executive Officer, Tom Issett who will join RubrYc’s Board of Directors. “RTX-003 is a remarkable asset to add to our therapeutic pipeline, and we look forward to completing IND-enabling activities as we continue to expand our discovery and development capabilities.”