On Jun. 4, 2020, iBio announced initiation of preclinical immunization studies for its second COVID-19 vaccine platform. The new subunit vaccine (“IBIO-201”) combines antigens derived from the SARS-CoV-2 spike protein fused with the Company’s patented lichenase booster molecule (“LicKM”), which is designed to enhance immune response. The addition of the LicKM booster to a subunit antigen is expected to improve the likelihood of achieving single-dose, prolonged immunity while also increasing manufacturing capacity through increased potency.

Based on extensive research, iBio believes that the lichenase thermostable immunomodulator protein technology has the potential to increase both the potency of subunit vaccines as well as the durability of the immune response. Previously published peer-reviewed laboratory data demonstrated that an iBio lichenase-based vaccine candidate provided full protection against aerosolized pneumonic plague in non-human primates. In addition, published data have demonstrated the value of the lichenase technology in vaccine candidate applications targeting both anthrax and yellow fever virus.

Along with the Company’s previously announced virus-like particle (“VLP”) vaccine candidate (“IBIO-200”), the LicKM-Subunit vaccine will be tested at Texas A&M University System (“TAMUS”) laboratories as part of the Master Joint Development Agreement established between iBio and TAMUS in 2016, as well as a Memorandum of Understanding entered into between iBio and Infectious Disease Research Institute (“IDRI”) in April 2020. The Company’s decision to exercise its option to include one of IDRI’s novel adjuvants in any COVID-19 vaccine programs will be made within 60 days of completion of the immunization studies.