Biora Therapeutics Provides Corporate Update and Reports Second Quarter 2024 Financial Results

Core Insights - Biora Therapeutics has successfully completed a Phase 1 clinical trial for BT-600, demonstrating effective drug delivery to the colon with minimal systemic exposure, which supports its clinical development plan [1][2][3] - The company has secured up to $16 million in funding from existing investors, reflecting confidence in its progress and the results from the BT-600 trial [1][4] - Management is actively pursuing partnerships for its BioJet™ platform, with discussions ongoing with multiple large pharmaceutical companies [2][5] Clinical Development - The Phase 1 trial for BT-600 met all study objectives, showing a pharmacokinetic profile that supports localized drug delivery to the colon [3] - The trial results indicated that systemic drug exposure was three to four times lower than conventional oral tofacitinib, suggesting a significant advantage in reducing potential side effects [3] - The NaviCap devices used in the trial were well tolerated, with no serious adverse events reported [3] Financial Performance - For Q2 2024, Biora reported operating expenses of $16.1 million, consistent with the previous quarter, and a net income of $6.5 million, a significant improvement compared to a net loss of $4.2 million in Q1 2024 [6][7] - Year-over-year, operating expenses increased from $14.9 million in Q2 2023 to $16.1 million in Q2 2024, while net income improved from a loss of $17.8 million in Q2 2023 to a gain of $6.5 million in Q2 2024 [8][9] Future Milestones - Biora plans to present Phase 1 clinical trial data for BT-600 at the American College of Gastroenterology annual meeting in October 2024 [5] - The initiation of a Phase 1B clinical study in active ulcerative colitis patients is anticipated toward the end of 2024 [5] - The company expects to finalize at least one partnership agreement for the BioJet platform in the near term, with additional agreements anticipated later in 2024 [5]