Biora rises after top shareholder raises stake with debt exchange deal

Biora Therapeutics

19/09/2023 14:26

** Shares of Biora Therapeutics  BIOR.O  rise 7.2% to $2.24
premarket 
    ** Co says it has entered into a debt exchange agreement
with certain funds managed by top shareholder Athyrium Capital
Management 
    ** BIOR will reduce about $50 mln of its debt under the deal
    ** Athyrium will receive 9.2 mln of BIOR common shares and
7.4 mln warrants in exchange for senior notes due 2025 - Co
        ** Athyrium owned a 12.20% stake in Biora prior to the
deal
  
    ** Biora adds that it remains on track to file its marketing
application for NaviCap BT-600 program, its drug delivery system
for bowel disease this month
    ** Up to last close, shares down 36.5% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))