Biora Therapeutics Reduces Debt and Largest Shareholder Increases Equity Exposure
19 Setembro 2023 - 9:00AM
Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company that
is reimagining therapeutic delivery, today announced an agreement
with certain funds managed by Athyrium Capital Management, to
increase their equity exposure while improving the company’s
balance sheet.
The company has agreed to exchange an aggregate of $50 million
principal amounts of its senior convertible notes due 2025 (the
“2025 Notes”) held by Athyrium for a combination of 9,235,281
shares of common stock and 7,399,226 pre-funded warrants and common
stock purchase warrants to purchase an aggregate 16,634,507 shares
of common stock. The exchange price of the common stock (or
pre-funded warrant) issued in the exchange is $3.01 per share, a
price representing a 44% premium to the closing price on Monday,
September 18. The exercise price of the common stock purchase
warrants issued in the exchange is also $3.01 per share. The
transaction closed on September 18, 2023.
“This transaction represents further optimization of our capital
structure to align it with Biora’s current development stage, and
demonstrates Athyrium’s conviction in our programs,” said Eric
d’Esparbes, Chief Financial Officer of Biora Therapeutics. “We
remain on track with the September IND filing for our NaviCap™
BT-600 program and are actively engaged with current and potential
pharma collaborators to perform preclinical studies using their
molecules with the BioJet™ platform,” continued Mr. d’Esparbes.
“We are very encouraged by the progress of the programs at
Biora, and we remain committed to realizing the long-term value of
its novel technologies,” said Jeffrey Ferrell, founder and Managing
Partner of Athyrium Capital Management.
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 envisions a
world where patients have access to needle-free drug delivery and
better therapeutic outcomes.
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, 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
or clearance of our 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
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