Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company that
is reimagining therapeutic delivery, today announced an agreement
with institutional investor Context Capital to invest $2.8 million
in new capital alongside a convertible note exchange, and announced
the monetization of its investment in privately held Enumera
Molecular, Inc. (“Enumera”) in a separate transaction that results
in $3 million of nondilutive funding for Biora.
“Since September 2023, we have reduced Biora’s debt by more than
$80 million in three separate note exchange transactions with
institutional investors, who also invested $19.8 million of new
capital, a strong indication of investors’ continued confidence in
our programs. By monetizing our interest in Enumera, which is
related to our legacy business, we are also bringing in additional
funding to complement our shareholders’ capital investment,” said
Eric d’Esparbes, Chief Financial Officer of Biora Therapeutics. “We
continue to make substantive progress toward optimizing the capital
structure of Biora, and developing our therapeutics programs, which
are progressing well. We look forward to sharing data from the SAD
portion of our phase 1 clinical trial during our corporate update
later this month,” continued Mr. d’Esparbes.
Biora has agreed with Context Capital to exchange an aggregate
of $5.6 million principal amounts of its senior convertible notes
due 2025 for an aggregate of $3.8 million convertible senior
secured notes due 2028 issued pursuant to an indenture dated
December 19, 2023 (the “2028 Notes”). Context Capital has also
agreed to purchase $2.8 million of 2028 Notes and common stock
purchase warrants. The transaction is expected to close on March
12, 2024. Details of the transaction can be found in the company’s
separate filing on SEC Form 8-K.
In May 2022, Biora contributed legacy assets related to its
single-molecule detection platform to Enumera in exchange for a
minority ownership stake in Enumera. On March 8, 2024, Biora sold
its minority stake to Enumera investors for $3 million.
This press release is not an offer to sell, or a solicitation of
an offer to buy, any securities of the company. The securities
described herein have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United
States absent registration thereunder or an applicable exemption
the registration requirements thereof.
About Biora TherapeuticsBiora Therapeutics is
reimagining therapeutic delivery. By creating innovative smart
pills designed for targeted drug delivery to the GI tract, and
systemic, needle-free delivery of biotherapeutics, the company is
developing therapies to improve patients’ lives.
Biora is focused on development of two therapeutics platforms:
the NaviCap™ targeted oral delivery platform, which is designed to
improve outcomes for patients with inflammatory bowel disease
through treatment at the site of disease in the gastrointestinal
tract, and the BioJet™ systemic oral delivery platform, which is
designed to replace injection for better management of chronic
diseases through needle-free, oral delivery of large molecules.
For more information, visit bioratherapeutics.com or follow the
company on LinkedIn or Twitter.
Safe Harbor Statement or Forward-Looking
StatementsThis press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, which
statements are subject to substantial risks and uncertainties and
are based on estimates and assumptions. All statements, other than
statements of historical facts included in this press release,
including statements concerning the expected closing and timing of
closing of the debt reduction and capital raising transactions, our
anticipated milestones, the progress and future expectations and
goals of our research and development and clinical efforts and
research collaboration plans and expectations are forward-looking
statements. In some cases, you can identify forward-looking
statements by terms such as “anticipate,” “may,” “might,” “will,”
“objective,” “intend,” “should,” “could,” “can,” “would,” “expect,”
“believe,” “design,” “estimate,” “predict,” “potential,” “plan,”
“target,” or the negative of these terms, and similar expressions
intended to identify forward-looking statements. These statements
reflect our plans, estimates, and expectations, as of the date of
this press release. These statements involve known and unknown
risks, uncertainties and other factors that could cause our actual
results to differ materially from the forward-looking statements
expressed or implied in this press release. Such risks,
uncertainties, and other factors include, among others, our ability
to innovate in the field of therapeutics, our ability to make
future filings and initiate clinical trials on expected timelines
or at all, our ability to obtain and maintain regulatory approval,
clearance, or acceptance of our clinical trials or products on
expected timelines or at all, our plans to research, develop, and
commercialize new products, the unpredictable relationship between
preclinical study results and clinical study results, our
expectations regarding allowed patents or intended grants to result
in issued or granted patents, our expectations regarding
opportunities with current or future pharmaceutical collaborators,
our ability to raise sufficient capital to achieve our business
objectives, and those risks described in “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our Annual Report on Form 10-K for the
year ended December 31, 2022 filed with the SEC and other
subsequent documents, including Quarterly Reports, that we file
with the SEC.
Biora Therapeutics expressly disclaims any obligation to update
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
Investor ContactChuck PadalaManaging Director,
LifeSci AdvisorsIR@bioratherapeutics.com(646) 627-8390
Media Contactmedia@bioratherapeutics.com
Biora Therapeutics (NASDAQ:BIOR)
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Biora Therapeutics (NASDAQ:BIOR)
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から 5 2023 まで 5 2024