Biora Therapeutics enters investment agreement with Context Capital

Biora Therapeutics announced an agreement with institutional investor Context Capital to invest $2.8 million in new capital alongside a convertible note exchange, and announced the monetization of its investment in privately held Enumera Molecular, in a separate transaction that results in $3 million of nondilutive funding for Biora. Biora has agreed with Context Capital to exchange an aggregate of $5.6 million principal amounts of its senior convertible notes due 2025 for an aggregate of $3.8 million convertible senior secured notes due 2028 issued pursuant to an indenture dated December 19, 2023. Context Capital has also agreed to purchase $2.8 million of 2028 Notes and common stock purchase warrants. The transaction is expected to close on March 12, 2024. Details of the transaction can be found in the company’s separate filing on SEC Form 8-K. In May 2022, Biora contributed legacy assets related to its single-molecule detection platform to Enumera in exchange for a minority ownership stake in Enumera. On March 8, 2024, Biora sold its minority stake to Enumera investors for $3 million.