Biora Therapeutics (BIOR) Accelerates Debt Reduction and Raises Capital

Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company that is reimagining therapeutic delivery, today announced an agreement with institutional investors Athyrium Capital Management, Davidson Kempner Capital Management, and Highbridge Capital Management to reduce the company’s net debt by 60% through a convertible note exchange which also brings $16.7 million in new capital.

“So far in 2023, we’ve reduced Biora’s debt by $83 million in two separate transactions. Between the note exchange implemented in September and today’s transaction, we achieved a 75% overall reduction in net debt. This represents substantial progress toward our goal to optimize our capital structure to align with the current company profile,” said Eric d’Esparbes, Chief Financial Officer of Biora Therapeutics. “The additional capital investment from three established institutional investors demonstrates continued support for our innovative technologies. We look forward to initiating a phase 1 trial for our BT-600 program soon, and we continue to progress our BioJet™ platform, with the recent addition of another big pharma research collaborator,” continued Mr. d’Esparbes.

The company has agreed to exchange an aggregate of $72.5 million principal amounts of its senior convertible notes due 2025 (the “2025 Notes”) for a combination of new convertible senior secured notes due 2028 (the “New Notes”), shares of common stock, and common stock purchase warrants. The transaction is expected to close on December 19, 2023. Details of the transaction can be found in the company’s separate filing on SEC Form 8-K.

Biora is advised by Gibson, Dunn & Crutcher LLP. Davidson Kempner Capital Management and Highbridge Capital Management are advised by Ropes & Gray LLP. Athyrium Capital Management is advised by Ducera Partners LLC and King & Spalding LLP.

This press release is not an offer to sell, or a solicitation of an offer to buy, any securities of the company. The securities described herein have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption the registration requirements thereof.

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