iBio, Inc, an AI-driven innovator of precision antibody immunotherapies, announced the appointment of Kristi Sarno as senior vice president, business development. Ms. Sarno brings more than 25 years of business development and strategic experience in the life sciences industry to iBio and will play a key role on the leadership team in establishing the company’s corporate strategy and leading business development activities, including overseeing search and evaluation and transaction execution.
Before joining iBio, Ms. Sarno held key positions in business development, strategic alliance, program management and research at leading biotech companies including Pfenex Inc. (acquired by Ligand Pharmaceuticals), Latham Biopharm Group (acquired by Sia Partners), and Crucell (acquired by Johnson & Johnson). Most recently she served as the vice president of business development and corporate strategy at Homology Medicines, where she led partnering discussions, played an instrumental role in complex deal-making processes bringing over $130M to the company, and provided strategic input for decisions that supported its mission to cure rare diseases.
“Kristi’s extensive experience in building successful partnerships will be invaluable to iBio as we look to expand our pipeline into obesity and metabolic therapeutics and plan to establish collaborations with pharmaceutical companies seeking to leverage our AI platform for discovering and developing antibodies against challenging drug targets,” said Martin Brenner, Ph.D., DVM, CEO and Chief Scientific Officer. “We’re excited to welcome Kristi to our team and eagerly anticipate her contributions.”
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iBio also announced the company has granted Ms. Sarno options to purchase 15,000 shares of its common stock as inducement awards outside the company’s 2023 Omnibus Incentive Plan. The grant was approved by the Compensation Committee and was made as an inducement material to the employee entering into employment. The grant was made in reliance on the employment inducement exception to shareholder approval provided under the NYSE American Company Guide, Section 711(a), which requires public announcement of inducement awards.
The option award has an exercise price of $1.81 per share, the closing price of the company’s common stock on August 8, 2024, the grant date, and has a ten-year term. The option will vest 25% on the one-year anniversary of the date of grant and after one year following the grant date, 6.25% of the options granted will vest for each additional 3 months of employment provided Ms. Sarno remains employed by the company through the applicable vesting dates. These inducement awards also provide for accelerated vesting in connection with a change in control of the company or certain involuntary terminations of Ms. Sarno’s employment.
SOURCE: GlobeNewswire