By Colin Kellaher
Biora Therapeutics has filed for chapter 11 bankruptcy with a deal in hand to be acquired by some of its lenders.
Biora on Monday said the lenders have agreed to provide up to $10.25 million in debtor-in-possession financing and serve as the stalking horse, or lead, bidder in a court-supervised auction of the San Diego clinical-stage biotech company's assets.
Biora said the funding will help it meet its obligations during the chapter 11 case, adding that it expects to operate its business as usual during the sale process.
Biora shares closed Friday at 44 cents, giving the company a market capitalization of just under $2 million.
Shareholders are generally wiped out in bankruptcy cases, and Biora warned that it expects its security holders will experience a significant or complete loss on their investment.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 30, 2024 08:17 ET (13:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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