Biora Therapeutics Successfully Completes Restructuring Process

Rhea-AI Summary

Biora Therapeutics has successfully completed its court-supervised restructuring, emerging as a privately held company with improved financial standing. The restructuring resulted in deleveraged debt and significant new financing to support the company's future operations.

The company's ownership has transferred to certain lenders, including Davidson Kempner Capital Management LP, Context Capital Management , and funds managed by Highbridge Capital Management . As part of the reorganization plan, existing common shares were cancelled.

Biora's focus remains on developing the BioJet™ platform, an orally ingestible liquid jet technology capable of delivering over 300 microliters of biologic pharmaceuticals. The company is currently testing an updated 00-size BioJet device while expanding relationships with pharmaceutical collaborators.

Positive

• Secured significant new financing for future operations
• Successfully deleveraged debt through restructuring
• Maintains valuable BioJet platform technology with 300+ microliter delivery capability
• Continuing pharmaceutical collaboration partnerships

Negative

• Complete cancellation of existing common shares, resulting in total loss for previous shareholders
• Company delisted and transitioned to private ownership
• Required court-supervised restructuring due to financial difficulties

Emerges as a privately held company, with long-term financing to accelerate development of the BioJet™ platform

SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) -- Biora Therapeutics, a biotech company developing the first swallowable autoinjector, today announced the successful completion of its court-supervised restructuring. Through the restructuring process, Biora achieved an improved balance sheet with deleveraged debt and significant new financing to support the business going forward. Biora has emerged from the restructuring as a privately held company.

“Emergence marks a new beginning for us as a leaner, stronger, well-capitalized company with a mission to revolutionize the way biologic pharmaceuticals are delivered to patients,” said Adi Mohanty, Chief Executive Officer of Biora Therapeutics. “We are now positioned to accelerate development of the BioJet platform, our orally ingestible liquid jet technology that can deliver industry-leading payloads of over 300 microliters in a commercially desirable format. We continue to expand relationships with our pharma collaborators for this ground-breaking technology, and our team is excited to complete testing with the updated, 00-size BioJet device.”

In connection with emergence, ownership of the company transitioned to certain of Biora’s lenders, including Davidson Kempner Capital Management LP, Context Capital Management LLC, and funds managed by Highbridge Capital Management LLC. The company’s existing common shares were cancelled, pursuant to the Plan of Reorganization. McDermott Will & Emery acted as Biora’s legal counsel, MTS Health Partners was its investment banker, and Evora Partners, LLC its restructuring advisor.

About Biora Therapeutics
Biora Therapeutics is a biotech company developing the first swallowable autoinjector. Biora’s BioJet™ platform is designed to replace injection with needle-free, oral delivery of macromolecules. BioJet is an ingestible drug-device combination that uses liquid jet injection to deliver drug into the submucosa of the small intestine.

BioJet technology is designed to autonomously deliver a wide range of molecules, including proteins, peptides, and nucleic acids. The ingestible injectable device delivers standard liquid drug formulations with a capacity of >300 microliters, enabling doses greater than 50 milligrams.

For more information, visit bioratherapeutics.com or follow the company on LinkedIn.

Media Contact
media@bioratherapeutics.com

FAQ

What are the key outcomes of Biora Therapeutics' restructuring process?

The restructuring resulted in deleveraged debt, new financing, and transition to a private company with ownership transferred to key lenders. All existing common shares were cancelled.

What happened to existing Biora Therapeutics shareholders after restructuring?

All existing common shares were cancelled as part of the Plan of Reorganization, with ownership transferring to certain lenders.

What is Biora Therapeutics' BioJet platform capability?

BioJet is an orally ingestible liquid jet technology capable of delivering over 300 microliters of biologic pharmaceuticals in a commercially desirable format.

Who are the new owners of Biora Therapeutics after restructuring?

The new owners are Davidson Kempner Capital Management LP, Context Capital Management , and funds managed by Highbridge Capital Management