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.

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Biora Therapeutics Successfully Completes Restructuring Process