HILLSIDE, N.J., July 31, 2008 (PRIME NEWSWIRE) -- Integrated Biopharma, Inc. (Nasdaq:INBP) today announced that it has changed its record date to August 12, 2008 from August 4, 2008 for the spin-off of the Company's interest in iBioPharma, Inc. (formerly InB:Biotechnologies, Inc.) ("iBioPharma") as announced on July 25, 2008.
The shares will be distributed, in book-entry form, effective as of 11:59 p.m. on August 18, 2008 (the "Distribution Date"). For each share of the Company's common stock that a stockholder owns as of the end of August 12, 2008 (the "Record Date"), such stockholder is entitled to receive one share of iBioPharma's common stock. However, any holder of the Company's stock who sells shares of the Company's stock after the Record Date but before the date NASDAQ sets as the "ex distribution" date, which we expect will be the next business day after the Distribution Date or a few days thereafter, depending on when a market for iBioPharma develops, will also be selling his, her or its entitlement to receive shares of iBioPharma common stock in the Spin-Off, pursuant to what is referred to by NASDAQ as a "due bill." Investors are encouraged to consult with their financial advisors regarding the specific implications of selling the Company stock before the Distribution Date or the "ex distribution" date.
The Company has changed its Record Date to allow its professional consultants to complete the customary documents and filings associated with a spin-off transaction.
iBioPharma has developed a novel, proprietary platform technology for the rapid, efficient and economical manufacture of biopharmaceuticals, including vaccine antigens, antibodies and other therapeutic proteins. iBioPharma has established an exclusive commercial relationship with the Fraunhofer USA Center for Molecular Biotechnology and the lead product candidates from the joint program include influenza vaccines and an antiviral therapeutic for treatment of influenza. Further information is available at www.ibiopharma.com
About Integrated BioPharma, Inc. (INBP)
Integrated BioPharma is a unique grouping of companies presently serving the varied needs of the health care industry. Through its core nutraceutical business, the Company creates, develops, manufactures and markets products worldwide. Through its subsidiary, AgroLabs, Inc., INBP distributes and markets healthful nutritional products under the following brands: Naturally Aloe, Naturally Noni, Naturally Pomegranate, Naturally Thai Mangosteen and most recently, Naturally Superberry Upgrade and among various other nutritional products. Additionally, through its subsidiary, InB:Manhattan Drug Company, INBP manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers. Its pharmaceutical business operates a cGMP facility for the production and sale of Paclitaxel and related drugs and provides technical services through its contract research organization. Further information is available at www.ibiopharma.com
Statements included in this release related to Integrated BioPharma, Inc. may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.