Progenity Inc (NASDAQ: PROG) is transitioning to Biora Therapeutics in Q2 2022. The company has stated that the name change will indicate its dedication to developing systemic and targeted oral therapies.
According to Progenity’s CEO, Adi Mohanty, the move is aligned with the company’s strategic transformation. Changing its name shows its decision to focus on therapeutics and delivery. Moreover, the company hopes to improve lives by developing smart pills that target the gastrointestinal tract. The drugs could also target the whole system, thus eliminating intravenous administration.
The company will launch its new name soon
The company has said that it will launch Biora Therapeutics at its earning calls in the first quarter of 2022. Furthermore, the company’s ticker symbol on NASDAQ will change to BIOR. Progenity has assured its shareholders that they will not need to take any action.
Progenity will still list its Class A common stock as CUSIP on Nasdaq. The company hopes to meet all its legal requirements to change its legal name to April 26.
Progenity, a biotechnology company, focuses on oral biotherapeutics and gastrointestinal health. The company is trying to develop oral solutions that ensure targeted therapy and precise diagnostic sampling.
Therapies the commonly is developing
One of the company’s therapies is PGN-600 which is a tofacitinib formulation to treat ulcerative colitis. It also develops PGN-001, an adalimumab variant that also treats ulcerative colitis.
The oral drugs which the company has developed for systemic delivery include PGN-OB2 and PGN-OB. PGN-OB combines an adalimumab variant with an oral biotherapeutics delivery system. This therapy treats inflammatory diseases.
PGN-OB2, on the other hand, combines the oral biotherapeutics delivery system and a GLP 1 receptor. The therapy is for the treatment of Type 2 diabetes.
The company is also working on a Recoverable Sampling System. This therapy is a smart oral capsule that automatically identifies locations of the gastrointestinal tract from which to collect and preserve samples. Another smart capsule the company is working on is the PIL Dx which samples, measures, and sends results.
Progenity collaborates with Ionis Pharmaceuticals to investigate the oral biotherapeutics delivery system for antisense oligonucleotides. The company has its headquarters in San Diego.
