Bryan, TX (FOX44) – A bio-tech company based in Bryan has announced it will be closing its local facility and laying off 50 employees.

The company, iBio, Inc, which describes itself as an “AI-driven innovator of precision antibody immunotherapies” has announced it will be moving to San Diego to operate out of a new Drug Discovery Center.

In a press release, the company said it will be selling it assets – including a 130,000 square foot facility and will begin a workforce reduction of about 60 percent of its staff.

“While parting with members of our ‘WeBio’ team will be incredibly difficult, we do so with the knowledge that demand for their talents in the Texas Biocorridor area is high,” commented Michael Jenkins, iBio’s Vice President of Operations.

The statement also said iBio is commencing a search for a new CEO.

The statement said iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling, looking for new antibody treatments for hard-to-target cancers and other diseases.