Biora Therapeutics Announces Funding Agreement with Existing Investors
Biora Therapeutics (Nasdaq: BIOR) has secured a $16 million multiple-draw facility from existing convertible notes holders. This funding is intended to serve as a bridge to anticipated pharmaceutical partnerships. The company's CFO, Eric d'Esparbes, expressed gratitude for the continued support of their noteholders, highlighting that this investment is expected to fund Biora through important milestones. The decision to provide additional funding was influenced by active interest from pharmaceutical collaborators in Biora's BioJet™ platform and recent promising clinical trial results from their NaviCap™ platform.
Biora Therapeutics (Nasdaq: BIOR) ha ottenuto un finanziamento di 16 milioni di dollari tramite un 'multiple-draw facility' da parte dei detentori di note convertibili esistenti. Questo finanziamento è destinato a fungere da ponte verso attese partnership farmaceutiche. Il CFO dell'azienda, Eric d'Esparbes, ha espresso gratitudine per il continuo supporto dei loro detentori di note, sottolineando che questo investimento è previsto per finanziare Biora durante tappe fondamentali. La decisione di fornire finanziamenti aggiuntivi è stata influenzata da un attivo interesse da parte di collaboratori farmaceutici per la piattaforma BioJet™ di Biora e i recenti risultati promettenti dei loro trial clinici relativi alla piattaforma NaviCap™.
Biora Therapeutics (Nasdaq: BIOR) ha conseguido una facilidad de múltiples extracciones de 16 millones de dólares de los titulares de notas convertibles existentes. Este financiamiento se destina a servir como un puente hacia colaboraciones farmacéuticas anticipadas. El CFO de la compañía, Eric d'Esparbes, expresó su agradecimiento por el continuo apoyo de sus tenedores de notas, destacando que se espera que esta inversión financie a Biora a través de hitos importantes. La decisión de proporcionar financiamiento adicional fue influenciada por un interés activo de colaboradores farmacéuticos en la plataforma BioJet™ de Biora y los recientes resultados prometedores de ensayos clínicos de su plataforma NaviCap™.
Biora Therapeutics (Nasdaq: BIOR)는 기존 전환사채 보유자들로부터 1,600만 달러의 다중 인출 시설을 확보했습니다. 이 자금은 예상되는 제약 파트너십에 대한 다리 역할을 하도록 설계되었습니다. 회사의 CFO인 Eric d'Esparbes는 그들의 채권자들에게 지속적인 지원에 대한 감사의 뜻을 전하며, 이 투자가 Biora가 중요한 이정표를 지나는 데 필요한 자금을 지원할 것으로 예상된다고 강조했습니다. 추가 자금을 제공하기로 한 결정은 Biora의 BioJet™ 플랫폼에 대한 제약 협력자들의 적극적인 관심과 NaviCap™ 플랫폼의 최근 유망한 임상 시험 결과에 의해 영향을 받았습니다.
Biora Therapeutics (Nasdaq: BIOR) a obtenu une facilité de multiples tirages de 16 millions de dollars de la part des détenteurs de notes convertibles existants. Ce financement est destiné à servir de pont vers d'éventuels partenariats pharmaceutiques. Le CFO de l'entreprise, Eric d'Esparbes, a exprimé sa gratitude pour le soutien continu de leurs créanciers, soulignant que cet investissement devrait permettre à Biora de franchir des étapes importantes. La décision de fournir un financement supplémentaire a été influencée par un intérêt actif de la part de collaborateurs pharmaceutiques pour la plateforme BioJet™ de Biora et les récents résultats prometteurs des essais cliniques de leur plateforme NaviCap™.
Biora Therapeutics (Nasdaq: BIOR) hat eine 16-Millionen-Dollar-Multiple-Draw-Einrichtung von bestehenden Inhabern von wandelbaren Anleihen gesichert. Diese Finanzierung soll als Brücke zu erwarteten pharmaceutischen Partnerschaften dienen. Der CFO des Unternehmens, Eric d'Esparbes, drückte seine Dankbarkeit für die fortlaufende Unterstützung der Inhaber der Anleihen aus und hob hervor, dass diese Investition Biora durch wichtige Meilensteine führen soll. Die Entscheidung, zusätzliche Mittel bereitzustellen, wurde durch aktives Interesse von pharmazeutischen Partnern an Bioras BioJet™-Plattform und den jüngsten vielversprechenden Ergebnissen klinischer Studien aus der NaviCap™-Plattform beeinflusst.
- Secured $16 million in additional funding
- Anticipating partnerships with large pharmaceutical companies
- Active interest from pharma collaborators in BioJet™ platform
- Promising clinical trial results from NaviCap™ platform
- Reliance on additional funding from existing investors
- Potential dilution for shareholders due to convertible notes
Insights
The $16 million multiple-draw facility announced by Biora Therapeutics is a critical financial maneuver that provides the company with essential liquidity. This bridge financing demonstrates investor confidence but also highlights potential cash flow challenges. The agreement with existing convertible noteholders suggests a complex capital structure that may impact future equity value.
While the funding is positioned as a bridge to pharma partnerships, investors should note that such partnerships are not guaranteed. The company's emphasis on "anticipated partnering" and "active pharma collaborator interest" indicates a speculative outlook. This financing might be seen as a double-edged sword: it provides runway but also increases debt obligations, potentially affecting the company's negotiating position with future partners.
Biora's focus on the BioJet™ and NaviCap™ platforms represents a strategic bet on innovative drug delivery systems. The mention of "promising clinical trial results" for NaviCap™ is particularly noteworthy, as positive clinical data is a key value driver in biotech. However, without specific data points, it's challenging to gauge the true potential.
The company's pursuit of "large pharma" partnerships is a common strategy for small biotech firms to access resources and validate technology. The investor commitment based on "active pharma collaborator interest" suggests potential industry recognition of Biora's technology. Yet, investors should remain cautious as the path from interest to signed partnerships can be long and uncertain, especially in the current economic climate where pharma companies may be more selective in their external investments.
SAN DIEGO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company reimagining therapeutic delivery, today announced the signing of financing agreements with its existing convertible notes holders.
“We appreciate the continued commitment of our existing noteholders, who have agreed to an additional investment in Biora that we expect will fund us to important milestones, including anticipated partnering with large pharma,” said Eric d’Esparbes, Chief Financial Officer of Biora Therapeutics. “Active pharma collaborator interest in our BioJet™ platform, and recent promising clinical trial results from our NaviCap™ platform, are drivers for this commitment.”
About Biora Therapeutics
Biora Therapeutics is a clinical-stage biotech developing two smart pill-based therapeutics platforms: the NaviCap™ platform for colon-targeted treatment of IBD, designed to improve patient outcomes through treatment at the site of disease in the gastrointestinal tract, and the BioJet™ platform for oral delivery of large molecules, designed to replace injection with needle-free, oral delivery for better management of chronic diseases.
For more information, visit bioratherapeutics.com or follow the company on LinkedIn or X.
About the NaviCap™ Targeted Oral Delivery Platform and BT-600
Biora’s NaviCap™ platform for colon-targeted treatment of inflammatory bowel disease (IBD) is designed to improve patient outcomes by increasing therapeutic activity in tissue at the site of disease while also reducing systemic uptake to improve safety.
BT-600 is a drug/device combination of the NaviCap™ device with a proprietary liquid formulation of tofacitinib, for the potential treatment of moderate to severe ulcerative colitis (UC). Biora’s Phase 1 clinical trial of BT-600 successfully demonstrated delivery throughout the colon in healthy participants, with lower systemic exposure as desired. Biora’s presentation of Phase 1 data, featuring key opinion leaders discussing the value of colon-targeted drug delivery for improving efficacy in UC, can be viewed here.
About the BioJet™ Systemic Oral Delivery Platform
Biora’s BioJet platform for oral delivery of large molecules is designed to replace injection with needle-free delivery for better management of chronic diseases. The BioJet platform uses an ingestible device the size of a multivitamin that can transit through the digestive tract and deliver therapeutics into the small intestine.
The BioJet device is designed to autonomously deliver a wide range of large molecules, such as proteins, peptides, and nucleic acids, in liquid formulation at multi-milligram doses, without requiring complex reformulation.
Safe Harbor Statement or Forward-Looking Statements
This 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, preclinical and clinical trial activities, including those involving BT-600 and our NaviCap platform and model-based data projections for the BT-600 program, and partnering and collaboration efforts with third parties, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “envision,” “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “anticipate,” “forward,” “believe,” “design,” “estimate,” “predict,” “projects,” “projecting,” “potential,” “plan,” “goal(s),” “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 FDA filings and initiate and execute 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 or partners, our ability to raise sufficient capital to achieve our business objectives, our ability to maintain our listing on the Nasdaq Global Market, 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, 2023 filed with the Securities and Exchange Commission (SEC) and other subsequent documents, including Quarterly Reports on Form 10-Q, 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 Contact
Chuck Padala
Managing Director, LifeSci Advisors
IR@bioratherapeutics.com
(646) 627-8390
Media Contact
Liz Robinson
CG Life
lrobinson@cglife.com
FAQ
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