iBio, Inc. announced the appointment of Felipe Duran, age 43 as Chief Financial Officer, effective immediately. The permanent appointments reflect the Board of Directors’ confidence in Dr. Brenner and Mr. Duran, who have respectively served as iBio’s interim CEO and CFO since early 2023, to complete the strong management team required to lead the Company in its next stage of growth. Prior to serving as the Company’s Interim Chief Financial Officer, Mr. Duran was iBio’s Vice President of Financial Planning and Analysis (“FP&A”) from April 2021 to February 2023, where he played a strategic role in the Company’s forecasting, business planning, management reporting, and business analytics activities.

He previously served as the Executive Director (CFO), of Lupin Latin America, a subsidiary of Lupin Pharmaceuticals, the third-largest generic pharmaceutical company in the United States. During his tenure at Lupin, Mr. Duran functioned as a key member for the Latin American executive team, supporting both Mexico and Brazil. During his tenure he implemented robust commercial pricing strategies and increased regional net sales by double digits.

He also spearheaded a turnaround of a Lupin subsidiary, transforming it to an EBITDA-positive business; and ran the U.S. R&D finance group, managing and providing guidance on strategy and pipeline. He previously held numerous strategy positions at Teva Pharmaceuticals in both its growth markets and Latin America offices; and worked as a Manager, FP&A for both Bupa and Noven Pharmaceuticals. Mr. Duran holds a B.A. in Finance and an M.B. A from the University of Miami.