As of June 30, 2019, the company will have the right to sell to Lincoln Park, under the terms and conditions of the Lincoln Park sale agreement, and Lincoln Park will be required to acquire up to $14,878,710 in $US common shares of the company. 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 agreement with Lincoln Park is described in more detail in point 7. Discussion and analysis of financial condition and operating results – liquidity and capital resources of management and notes 11 of the consolidated financial statements. As part of the Lincoln Park Purchase Agreement, we were held on July 24, 2017, we entered into a registration rights agreement with Lincoln Park (“Registration Rights Agreement”), after which we filed with the SEC a registration statement on Form S-1 to resell us under the securities act of 1933 amended or the Securities Act , shares of common shares issued or likely to be received by Lincoln Park pursuant to the sale agreement, to register. On January 13, 2016, the Company entered into a share purchase agreement with Eastern, under which Eastern agreed to acquire 350,000 common shares at a price of 6.22 $US per share. The Company received revenues of $2,177,000 and the shares were issued on January 25, 2016. In addition, Eastern agreed to exercise warrants it had previously acquired to acquire 178,400 common shares of the Company at an exercise price of $US 5.30 per share. The Company received approximately $945,000 in revenue from the warrants and the shares were issued on January 25, 2016. On February 23, 2017, the Company entered into an exchange agreement with the Eastern Affiliate, under which the Company essentially acquired the entire interest in iBio CDMO held by the Eastern Affiliate in exchange for a share of the iBio CMO Preferred Tracking Stock, with a face value of $0.001 per share.
After the transaction, the company owns 99.99% of iBio CDMO. For more information, see Note 11. In June 2016, iBio entered into a joint development agreement with the Texas A-M University System (including Texas A-M University AgriLife Research) and the Texas A-M Institute of Infectious Animal Diseases (“TAMUS”) for a collaborative program in herbal medicines.