Biora Therapeutics Accelerates Debt Reduction and Raises Capital with Large Institutional Investors
19 December 2023 - 12:00AM
Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company that
is reimagining therapeutic delivery, today announced an agreement
with institutional investors Athyrium Capital Management, Davidson
Kempner Capital Management, and Highbridge Capital Management to
reduce the company’s net debt by 60% through a convertible note
exchange which also brings $16.7 million in new capital.
“So far in 2023, we’ve reduced Biora’s debt by $83 million in
two separate transactions. Between the note exchange implemented in
September and today’s transaction, we achieved a 75% overall
reduction in net debt. This represents substantial progress toward
our goal to optimize our capital structure to align with the
current company profile,” said Eric d’Esparbes, Chief Financial
Officer of Biora Therapeutics. “The additional capital investment
from three established institutional investors demonstrates
continued support for our innovative technologies. We look forward
to initiating a phase 1 trial for our BT-600 program soon, and we
continue to progress our BioJet™ platform, with the recent addition
of another big pharma research collaborator,” continued Mr.
d’Esparbes.
The company has agreed to exchange an aggregate of $72.5 million
principal amounts of its senior convertible notes due 2025 (the
“2025 Notes”) for a combination of new convertible senior secured
notes due 2028 (the “New Notes”), shares of common stock, and
common stock purchase warrants. The transaction is expected to
close on December 19, 2023. Details of the transaction can be found
in the company’s separate filing on SEC Form 8-K.
Biora is advised by Gibson, Dunn & Crutcher LLP. Davidson
Kempner Capital Management and Highbridge Capital Management are
advised by Ropes & Gray LLP. Athyrium Capital Management is
advised by Ducera Partners LLC and King & Spalding LLP.
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 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 “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, the impact of our indebtedness on our business 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)
Historical Stock Chart
From Apr 2024 to May 2024
Biora Therapeutics (NASDAQ:BIOR)
Historical Stock Chart
From May 2023 to May 2024