💥New Chapter 11 Bankruptcy Filing - Biora Therapeutics, Inc.💥
Smart pill developer's pre-petition secured lenders poised to own company out of bankruptcy.
Back on December 27, 2024, Biora Therapeutics, Inc. (the “debtor”) filed a voluntary chapter 11 case in the District of Delaware (Judge Shannon).
The debtor is a preclinical stage medical technology company focused on the oral delivery of biotherapeutics. Think, uh, “smart” pills? LOL.
The debtor’s multivitamin sized capsule purportedly protects the drug payload from stomach acids and delivers the medication further into the gastrointestinal tract than traditional pills (e.g. the intestines). This allows the drug to enter the circulatory system while the capsule continues to pass through the GI tract and “exit[] the body in the usual manner.” The debtor hopes that its delivery mechanisms will replace the need for needle injections (👀 semaglutide).
The debtor has two different smart pills under development: BIOjet and NAVIcap. Both share the same goal of a delayed and targeted release but have slightly different mechanisms. According to the debtor, while NAVIcap completed clinical trials with “encouraging results,” the debtor has been unable to monetize it due to lack of interest from potential partners/investors. Meanwhile BIOjet has only undergone non-human studies.
So the reason for the filing? Here’s Chief Transformation Officer, Richard Miller, in his first day declaration: