In March 2018, the company sold an additional 60,000 common shares to Lincoln Park under the Lincoln Park Purchase Agreement for a total gross purchase price of $121,290. Therefore, as of June 30, 2019, the Company is entitled, under the terms and conditions of the Lincoln Park sale agreement, but not the obligation to sell to Lincoln Park, and Lincoln Park is required to acquire up to $14,878,710 from the Company`s common equity portfolio. Such future sales of common shares by the company, if any, are subject to certain restrictions and may be made from time to time at the company`s choice over the 36-month period of the agreement. The Board of Directors` Compensation Committee reviews and approves executive compensation policies and practices, verifies executives` salaries and bonuses, manages our stock incentive plan and other performance plans, and reviews other issues that may be referred to them from time to time by our Board of Directors. The remuneration committee has a charter which is available on our website at www.ibioinc.com. The members of the Compensation Committee are General James T. Hill (Chairman of the Compensation Committee) and Philip K. Russell, M.D. On July 24, 2017, the Company entered into a common Stock Purchase Agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), a limited liability company in Illinois, under which Lincoln Park agreed to obtain a total of $16,000,000 from the company`s common shares (subject to certain restrictions) from time to time over the duration of the 36-month contract (subject to certain restrictions) from the Lincoln Park Purchase Agreement). Also on July 24, 2017, we entered into a registration rights agreement with Lincoln Park under which the Company filed with the Securities and Exchange Commission (SEC) the registration statement for revification under the amended Securities Act of 1933 or the Securities Act, shares of common shares issued or subject to issue by Lincoln Park pursuant to the sales agreement. The registration declaration came into effect on August 11, 2017. As of June 30, 2019, we have an employment contract or similar agreements or agreements with a designated executive. The company and its CFO, James P.
Mullaney, filed a letter of offer of employment dated December 30, 2016. Mr. Mullaney is employed at his convenience. We want to set up and cooperate with other pharmaceutical and biotechnology companies for the development and possible commercialization of candidates for iBio and iBio products that are technology-enhanced. We face considerable competition in the search for suitable staff. Our ability to reach a final cooperation agreement depends, among other things, on our assessment of the employee`s resources and expertise, the conditions and conditions of the proposed cooperation, and the assessment of a number of factors by the proposed staff. If we fail to reach on time, on acceptable terms or even with appropriate employee agreements, we may have to limit the development of a product candidate, reduce or delay its development or development of one or more of our other products, or increase our expenses and carry out additional development or marketing activities at our own expense. If we choose to fund and implement our own development or commercialization activities, we may need additional expertise and additional capital that may not be available to us on acceptable or not at all terms.