Biora Therapeutics Announces Completion of Registered Direct Offering and Private Placement

Biora Therapeutics, Inc. (NASDAQ: BIOR) recently concluded a significant financial transaction involving a registered direct offering and a private placement. The company entered into a securities purchase agreement on October 28, 2024, with institutional and accredited investors. This agreement encompassed the offering and selling of 745,342 shares of Common Stock at $4.025 per share in the registered direct offering, as well as the issuance of unregistered warrants to acquire up to 745,342 shares of Common Stock at an exercise price of $3.90 in the private placement. The Closing Date for these transactions was October 29, 2024.

Gross proceeds of approximately $3 million were received by Biora Therapeutics from the Offering before deduction of placement agent fees and estimated offering expenses. These shares were made available to the public through the company’s shelf registration statement on Form S-3 (File No. 333-279539), initially filed with the Securities and Exchange Commission on May 20, 2024.

H.C. Wainwright & Co., LLC acted as the Placement Agent, with the Company agreeing to pay a total cash fee of 6.0% of the aggregate gross proceeds from the Offering along with additional expenses. The Purchase Agreement included standard representations, warranties, and agreements by Biora Therapeutics, as well as conditions to closing.

Additionally, Warrant Amendment Agreements were entered into by the Company with institutional investors participating in the Offering. These amendments concerned outstanding warrants issued in previous periods, adjusting the exercise price of the warrants to $3.90 per share and extending their expiration date to October 29, 2029.

The Company highlighted that certain statements in the filed documents were made solely for the benefit of the parties involved and should not be construed as representations to any other stockholders. All descriptions of agreements are available in the full text of the form of Purchase Agreement attached to the 8-K filing.

The Prospectus Supplement related to this Offering is accessible on the SEC’s website, while an opinion from legal counsel Gibson, Dunn & Crutcher LLP regarding the validity of the Shares has been included. Biora Therapeutics emphasized that this Current Report on Form 8-K does not serve as an offer to sell securities but rather as a notification of recent financial activities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Biora Therapeutics’s 8K filing here.

About Biora Therapeutics

Biora Therapeutics, Inc, a clinical-stage biotechnology company, engages in developing oral biotherapeutics in the United States. The company offers NaviCap, a targeted oral delivery platform for delivery of therapeutics in the gastrointestinal tract to enhance the treatment of inflammatory bowel diseases; and BioJet, a systemic oral delivery platform designs to replace injection with needle-free, oral delivery of large molecules for management of chronic diseases.