Biora Therapeutics, Inc., a San Diego-based preclinical stage medical technology company, filed a motion in Delaware bankruptcy court seeking to reject seven service contracts as part of its Chapter 11 restructuring efforts. The company, which filed for bankruptcy protection on December 27, 2024 (Case No. 24-12849), is focusing on streamlining operations while pursuing a sale of its assets.
The motion, filed on January 13, 2025, targets contracts with several service providers, including three agreements with Tyco Integrated Security (now Johnson Controls) for building security systems, as well as agreements with Iron Mountain for document storage, Spectrum Business for internet services, Eurofins Advantar Laboratories for storage, and MSC Janitorial Service for cleaning services.
Biora, represented by McDermott Will & Emery LLP, argues that rejecting these contracts would benefit the estate by preventing the accrual of unnecessary administrative expenses. The company, which employs more than 30 people, is primarily focused on developing oral delivery systems for biotherapeutics, including two products under development called BIOjet and NAVIcap.
The bankruptcy court has scheduled a hearing for January 27, 2025, with objections due by January 20, 2025. The company is seeking to make the rejections effective as of January 13, 2025.
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