Biora Therapeutics Reduces Debt and Largest Shareholder Increases Equity Exposure
Funds managed by Athyrium Capital Management increase their equity exposure through a convertible notes exchange at a price representing a 44% premium to the closing price on September 18, 2023
Transaction results in a debt reduction of $50 million for the company
On track to file an IND this month for NaviCap™ BT-600 targeted oral delivery program
SAN DIEGO, Sept. 19, 2023 (GLOBE NEWSWIRE) -- 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 wth 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 Therapeutics
For more information, visit bioratherapeutics.com or follow the company on LinkedIn or Twitter.
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.
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