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IBio And Planet Biotech Reach License Agreement For Development Of COVID-19 Therapeutic

(RTTNews) - Shares of iBio Inc. (IBIO) were gaining 14 percent in pre-market trading on Friday, after the company said it has reached an exclusive worldwide license agreement with Planet Biotechnology for the development of Planet's COVID-19 therapeutic candidate, ACE2-Fc.

As per the terms of the deal, iBio obtained an exclusive license to Planet's ACE2-Fc. Planet is eligible to receive certain pre-specified payments upon achievement of clinical development milestones.

In the pre-market trading, IBIO was trading at $2.42 up $0.31 or 14.69 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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