SAN DIEGO, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Biora Therapeutics, Inc. (NASDAQ:BIOR), the biotech company reimagining therapeutic delivery, today announced that it has entered into definitive agreements for the purchase and sale of 745,342 shares of the Company's common stock at an offering price of $4.025 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. In addition, in a concurrent private placement, the Company will issue unregistered warrants to purchase up to 745,342 shares of common stock. The warrants have an exercise price of $3.90 per share, will be exercisable upon issuance, and will expire five years following issuance. The closing of the offering is expected to occur on or about October 29, 2024, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to Biora from this offering are expected to be approximately $3 million, before deducting the placement agent's fees and other offering expenses. Biora intends to use the net proceeds from this offering to support its operations, make further investments in the development of its oral biotherapeutics platforms, and for working capital and general corporate purposes.

The shares of common stock (but not the warrants issued in the private placement or the shares of common stock underlying the warrants) are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-279539) that was filed with the Securities and Exchange Commission ("SEC") on May 20, 2024 and was declared effective on May 31, 2024. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement. A prospectus supplement and accompanying prospectus relating to the offering of the shares of common stock will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., ...