NEWARK, Del., Dec. 21, 2012 /PRNewswire/ -- iBio, Inc. (NYSE MKT: IBIO) announced today the appointment of Seymour Flug to the iBio Board of Directors and the addition of Andrea Corcoran, as Senior Vice President, Finance and Strategy, a newly created position on the iBio leadership team. Mr. Flug most recently was the former chairman, president and CEO of Diner's Club International and a managing director at Citibank. Previously he served as a Senior Vice President at Hess Oil Company. Ms. Corcoran joins iBio following roles with increasing responsibility for corporate, financial and business development strategy formation and operations at Idenix Pharmaceuticals, Inc., and Tolerx, Inc., each biopharmaceutical companies engaged in the discovery and development new and innovative pharmaceutical products.
"Sy is a veteran executive with extensive experience in finance and deal making," said iBio's Executive Chairman and Chief Executive Officer, Robert B. Kay. "We expect that his wide-ranging background in the financial operations of multi-national companies and business combinations will be of great benefit to iBio as we continue to execute on our long-term strategic objectives."
On the addition of Ms. Corcoran to the executive management team, Robert Erwin, President of iBio commented, "With the Company's recent progress and current momentum, Andrea is arriving at a perfect to time to apply her experience and proven capabilities to manage our growth and to optimize and implement our business development and finance strategies. As we address the opportunities ahead of us, we look forward to Andrea's contributions as an integral member of our iBio team."iBio also announced today that Jules Musing has resigned from iBio's Board of Directors. "We are grateful for Jules' service on the Board," said Mr. Kay.