Summary by Moomoo AI
On January 16, 2024, iBio Inc, a Delaware-incorporated company, entered into a material definitive agreement with Loeb Term Solutions LLC for a term loan or equipment line of credit loan amounting to $1,071,572. The loan, which bears interest at the Prime Rate plus 8.5%, was issued with proceeds of $1,027,455.23 after deducting origination and other fees. The agreement stipulates monthly payments over four years with a balloon payment due on the two-year anniversary. iBio Inc granted the lender a security interest in most of its assets, excluding intellectual property related to filed patents. The agreement allows for additional loan advances under certain conditions and defines eligible equipment for the loan. Furthermore, the company's obligations are secured by a validity guarantee from Dr. Martin Brenner and Felipe Duran, indemnifying the lender against losses due to misrepresentation or negligence by the company. The agreement includes standard events of default, with an increased interest rate applicable upon default. The full text of the agreements is attached to the report as exhibits.