Biora Therapeutics Provides Corporate Update and Reports First Quarter 2022 Financial Results
Completed transformation with the launch of Biora Therapeutics to reflect the company’s focus on oral therapeutic solutions
Successfully transferred its single-molecule detection platform with launch of Enumera Molecular
Strengthened therapeutics capability and leadership with addition of Paul Shabram and opening of operations lab space
Management will host conference call and webcast today at 4:30 p.m. Eastern / 1:30 p.m. Pacific
SAN DIEGO, May 10, 2022 (GLOBE NEWSWIRE) -- Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company that is reimagining therapeutics, today provided a corporate update and reported financial results for the first quarter ended March 31, 2022.
The company’s launch of Biora Therapeutics is aligned with its mission to reimagine therapeutics and their 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.
Rapid induction and remission may be possible in ulcerative colitis (UC) patients through targeted delivery of therapeutics directly to the tissue of the lower GI tract. The company and its clinical collaborators presented data at several important scientific conferences during the first quarter, demonstrating the potential benefit of increasing drug concentration in GI tissue by delivering drug directly to the site of disease, which is the goal of the company’s lead targeted therapeutics program.
“We are happy with the progress of the company transformation, which has culminated in the launch of Biora Therapeutics,” said Adi Mohanty, Chief Executive Officer of Biora Therapeutics. “The successful transfer of our single molecule detection platform is an example of how we continue to leverage our diagnostics assets while focusing resources on our oral therapeutics programs, some of which have the potential to impact the treatment of diseases with significant unmet need and representing large market opportunities.” Mr. Mohanty continued, “We are on track to generate important data with our therapeutics programs this year, which should continue to demonstrate the potential of these programs.”
First Quarter 2022 Results and Other Recent Corporate Highlights
First Quarter 2022 Financial Results
Comparison of Three Months Ended March 31, 2022 and December 31, 2021
Net loss was $13.8 million for the three months ended March 31, 2022 and net loss per share was $0.08, compared to net loss of $92.9 million and net loss per share of $0.56 for the three months ended December 31, 2021.
Net gain from discontinued operations was $0.7 million for the three months ended March 31, 2022 with no impact to earnings per share, compared to net loss from discontinued operations of $10.1 million and net loss per share of $0.06 for the three months ended December 31, 2021.
Comparison of Three Months Ended March 31, 2022 and 2021
Net loss was $13.8 million for the three months ended March 31, 2022 and net loss per share was $0.08, compared to net loss of $32.3 million and net loss per share of $0.56 for the three months ended March 31, 2021.
Net loss from discontinued operations was $0.7 million for the three months ended March 31, 2022, with no impact to earnings per share, compared to net loss from discontinued operations of $14.8 million and net loss per share for discontinued operations of $0.26 for the three months ended March 31, 2021.
Webcast and Conference Call Information
The live call on May 10 may be accessed by dialing 1-800-926-4402 (domestic) or 1-416-641-6700 (international) and entering the conference code: 22018599. A live webcast will be available via the Investor Relations section of the company website at bioratherapeutics.com, with a replay available online for 60 days following the call.
About Biora Therapeutics
Safe Harbor Statement or Forward-Looking Statements
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.
Biora Therapeutics, Inc.
1. The condensed consolidated statement of operations for the three months ended March 31, 2021 has been adjusted to reflect discontinued operations.
Biora Therapeutics, Inc.
(1) The condensed consolidated balance sheet data as of December 31, 2021 has been derived from the audited consolidated financial statements
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