Biora Therapeutics Inc
NASDAQ:BIOR
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Biora Therapeutics Inc
Progenity, Inc. engages in the provision of molecular and specialized diagnostic tests to clinicians. The company is headquartered in San Diego, California and currently employs 124 full-time employees. The company went IPO on 2020-06-19. The company delivers therapeutics in two areas: targeted delivery of therapeutics to the site of disease in the gastrointestinal tract and systemic delivery of biotherapeutics. Its research and development pipeline consists of Drug Delivery System (DDS), PGN-600, PGN-001, Oral Biotherapeutics Delivery System (OBDS), PGN-OB1 and PGN-OB2. PGN-600 is liquid formulation of tofacitinib delivered with the DDS for the treatment of ulcerative colitis. PGN-001 is an orally-delivered variant of adalimumab for the treatment of ulcerative colitis. PGN-OB1 is a combination product of a variant of adalimumab and the OBDS for the treatment of inflammatory conditions. PGN-OB2 is a combination product of a GLP-1 receptor agonist and the OBDS for the treatment of Type two diabetes. The OBDS platform is designed to enable delivery of liquid drug, reducing the need for reformulation.
Progenity, Inc. engages in the provision of molecular and specialized diagnostic tests to clinicians. The company is headquartered in San Diego, California and currently employs 124 full-time employees. The company went IPO on 2020-06-19. The company delivers therapeutics in two areas: targeted delivery of therapeutics to the site of disease in the gastrointestinal tract and systemic delivery of biotherapeutics. Its research and development pipeline consists of Drug Delivery System (DDS), PGN-600, PGN-001, Oral Biotherapeutics Delivery System (OBDS), PGN-OB1 and PGN-OB2. PGN-600 is liquid formulation of tofacitinib delivered with the DDS for the treatment of ulcerative colitis. PGN-001 is an orally-delivered variant of adalimumab for the treatment of ulcerative colitis. PGN-OB1 is a combination product of a variant of adalimumab and the OBDS for the treatment of inflammatory conditions. PGN-OB2 is a combination product of a GLP-1 receptor agonist and the OBDS for the treatment of Type two diabetes. The OBDS platform is designed to enable delivery of liquid drug, reducing the need for reformulation.
BT-600 Phase I Success: Biora achieved all objectives in its Phase I trial for BT-600 using the NaviCap platform, demonstrating targeted drug delivery with high colon tissue exposure and lower systemic levels.
BioJet Partnership Progress: Active partnership discussions are underway with more than one large pharma company for the BioJet platform, with at least one partnership expected to close in 2024.
Capital Raise: The company secured an additional $16 million in funding from existing institutional investors, structured in $4 million tranches, to support ongoing operations and bridge to pharma partnerships.
Financials: Biora reported $14.5 million in Q2 operating expenses (excluding stock-based compensation) and posted $6.5 million in net income for the quarter, mainly due to noncash items.
Manufacturing Readiness: NaviCap device production capacity is in place for several thousand units, with automation underway to scale for larger, future clinical trials.
