Biora Therapeutics Shares Drop 26% After Pricing of Direct Offering

Dow Jones04-01

By Chris Wack

Biora Therapeutics shares were down after the company entered into definitive agreements for the purchase and sale of 5.5 million shares at $1.10 a share in a registered direct offering.

Shares were down 26% to 81 cents in recent trading. The stock hit its 52-week low of 74 cents earlier in the session, and is down 71% in the past 12 months.

In a concurrent private placement, the company will issue unregistered warrants to buy up to 5.5 million shares. The warrants have an exercise price of $1.10 per share, will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants, and will expire five years from the date of stockholder approval.

The closing of the offering is expected to occur on or about Wednesday.

The proceeds to Biora from this offering are expected to be $6 million, before deducting the placement agent's fees and other offering expenses.

Biora intends to use the proceeds from this offering to support its operations, complete its ongoing BT-600 clinical trial, make further investments in the development of its oral biotherapeutics platforms, and for working capital and general corporate purposes.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 01, 2024 09:45 ET (13:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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