Open Letter to Shareholders
Dear Shareholders,
Since 2021, we have overcome tremendous challenges in transforming this company from a former molecular diagnostics laboratory services provider to focus on development of our revolutionary ingestible drug-device combination therapeutics. Despite the historically adverse capital market conditions for biotech companies in recent years, we were able to reduce corporate debt by 75% while also resolving legal issues from the laboratory business.
During the same time period, Biora Therapeutics also achieved remarkable scientific and regulatory advancements in therapeutic delivery, including:
- Receipt of the first IND clearance for an ingestible drug-device combination from the FDA
- Positive Phase 1 results for our clinical trial of BT-600 with the NaviCap™ platform
- Achieved category-leading bioavailability with the BioJet™ platform for oral delivery of complex molecules
- Multiple research collaborations with large pharmaceutical companies with our BioJet™ platform for oral delivery of complex molecules
- Rapid development of a clinical BioJet device with the smallest size and largest capacity of any ingestible injectable
Unfortunately, this has not yet been enough to overcome the burden of legacy issues, which overshadowed our tremendous progress. Today we announced that Nasdaq will suspend trading in Biora securities effective Wednesday, December 11, 2024. This is not the outcome we wanted for our shareholders and employees, and we deeply regret the inability to maintain Nasdaq listing requirements.
Despite this setback, we will continue pursuing strategic alternatives to further develop our innovative therapeutics platforms. Thank you for sharing our vision of reimagining therapeutic delivery.
Sincerely,
Adi Mohanty
Chief Executive Officer, Biora Therapeutics, Inc.