Progenity to Become Biora Therapeutics as it Completes Transformation

Rhea-AI Summary

Progenity, Inc. will change its name to Biora Therapeutics, Inc. in the second quarter of 2022, reflecting its focus on oral delivery of biotherapeutics. The name change coincides with the company's Q1 earnings call in May, and the NASDAQ ticker symbol will change from PROG to BIOR. The legal name change is set for around April 26, 2022, pending regulatory requirements. CEO Adi Mohanty emphasized the strategic transformation aimed at enhancing drug delivery methods for gastrointestinal health.

Positive

• Name change to Biora Therapeutics aligns with strategic focus on oral biotherapeutics.
• New brand launch scheduled to coincide with Q1 2022 earnings call, potentially creating positive market momentum.
• The NASDAQ ticker change from PROG to BIOR may attract new investors interested in the updated business direction.

Negative

• None.

Upcoming Change Reflects the Company’s Focus on Oral Delivery of Biotherapeutics

SAN DIEGO, April 12, 2022 (GLOBE NEWSWIRE) -- Progenity, Inc. (Nasdaq: PROG), a biotechnology company innovating in the field of oral biotherapeutics for gastrointestinal health and beyond, today announced that it will change its name to Biora Therapeutics, Inc. during the second quarter of 2022, to better reflect the company’s focus on developing its pipeline for targeted and systemic oral delivery of biotherapeutics.

“As we complete our strategic transformation, we are launching Biora Therapeutics to reflect our mission going forward, which is to reimagine therapeutics and their delivery,” said Adi Mohanty, Chief Executive Officer. “By creating innovative smart pills designed for targeted drug delivery to the GI tract and for systemic, needle-free delivery of biotherapeutics, we are developing therapies to improve patients’ lives.”

Progenity expects the brand launch for Biora Therapeutics™ to coincide with the company’s Q1 2022 earnings call in May, and the company’s NASDAQ ticker symbol will also change from “PROG” to “BIOR” at that time. No action is needed from current stockholders. The company’s Class A common stock will continue to be listed on NASDAQ and the CUSIP will not change. The legal name change is expected to be completed on or about April 26, 2022, upon satisfying all applicable requirements.

For updates about Biora Therapeutics, please follow @BioraThera on Twitter.

About Progenity
Progenity, Inc. is a biotechnology company innovating in the fields of gastrointestinal health and oral biotherapeutics and is developing a suite of investigational ingestible devices designed to provide precise drug delivery solutions and diagnostic sampling. Progenity will become Biora Therapeutics, Inc. during the second quarter of 2022.

For more information visit www.progenity.com, or follow the company on LinkedIn or Twitter.

Investor Contact
Chuck Padala
Managing Director, LifeSci Advisors
ir@progenity.com
(917) 741-7792

Media Contact
Kristin Schaeffer
CG Life
media@progenity.com  
(858) 457-2436

FAQ

What is the new name for Progenity?

Progenity will change its name to Biora Therapeutics, Inc.

What will be the new NASDAQ ticker symbol for Progenity?

The new NASDAQ ticker symbol will be BIOR.

When will the name change for Progenity take effect?

The name change is expected to be completed on or about April 26, 2022.

Why is Progenity changing its name?

The name change reflects the company's focus on developing targeted and systemic oral delivery of biotherapeutics.

When will the brand launch for Biora Therapeutics occur?

The brand launch is expected to coincide with the company's Q1 2022 earnings call in May.