Integrated BioPharma, Inc. Announces Implementation of Repositioning Program
HILLSIDE, N.J., Sept. 12, 2008 (GLOBE NEWSWIRE) -- Integrated BioPharma, Inc. (Nasdaq:INBP) announced today the implementation of the Company's repositioning program to focus singularly on its historic expertise and success in the nutraceutical field. On August 18, 2008, the Company completed a sponsored spin-off of its subsidiary, iBioPharma, Inc., through a stock dividend of its shares of iBioPharma to the Company's stockholders and immediately thereafter effecting a $5.0 million placement of shares of iBioPharma. This will eliminate approximately $3.0 million in expenses that the Company would otherwise be required to account for and fund in each of the next few years and will allow iBioPharma to obtain capital directly from investors whose knowledge and return requirements are reconcilable with biotechnology investment.