NEW YORK (TheStreet) -- Shares of iBio (IBIO) - Get Report were skyrocketing more than 55% to a 52-week high of $2.70 in morning trading Monday after a nurse in Texas was diagnosed with the Ebola virus, which deepened concerns about an outbreak in the U.S.
iBio rose Friday and continued to soar Monday on speculation that the company could be a manufacturing partner in the U.S. government's efforts to contain the disease by increasing production on Mapp Biopharmaceuticals' Ebola drug ZMapp.
UT San Diego reported last week that Mapp's partner, which some speculated could be iBio, would scale up production through genetically modified mammalian cells via a process that uses cells taken from Chinese hamster ovaries cultivated in sterile tanks. Bloomberg subsequently confirmed this news.
But iBio's website states its iBioLaunch platform is plant-based. The proprietary technology uses transient gene expression in unmodified green plants, rather than mammalian cells, bacteria, chicken eggs, human blood plasma or other materials, to make biological pharmaceutical products.
More than 23.5 million shares had changed hands as of 10:38 a.m., which eclipsed the average volume of 614,818.