Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
iBio Inc's (NYSEA: IBIO) share price is surging premarket on Friday after an update on its IBIO-201 program and development of a second-generation vaccine candidate, IBIO-202, for Covid-19.
IBIO-201, the company’s vaccine candidate, recently completed IND-enabling toxicology studies. The studies found no adverse effects at high or low doses.
IBIO-202 is a subunit vaccine candidate that targets the nucleocapsid protein (N protein)of SARS-CoV-2.
Using the company's plant-based FastPharming System, iBio said it has successfully expressed N protein antigens and initiated intramuscular and intranasal preclinical studies to identify favourable combinations. The results are expected in early Q1 2022.
iBio also recently filed four provisional patent applications with the US Patent and Trademark Office for the IBIO-202 program.
Tom Isett, Chairman and CEO of iBio, commented: “In light of the successful global roll-out of COVID-19 vaccines targeting the S protein and the emergence of variant strains of the disease, we decided to focus our efforts on the continued development of IBIO-202 as a differentiated vaccine candidate.”
“The COVID-19 vaccine space remains highly competitive, with multiple approved vaccines in use in many countries. Nevertheless, various unmet needs remain.”
iBio's share price is up 32.61% premarket at $1.83 per share.
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