Progenity Inc (PROG)

[Argus63]

Progenity (NASDAQ:PROG) strengthened its liquidity position as it reported ~$44M in warrant exercises to date during Q4.
Through an exchange transaction in Q4, the company reduced by 38% the principal amount of its convertible senior notes due 2025 held by non-affiliates, with the majority of the remaining balance held by an affiliated holder, Athyrium Capital Management.
The current liquidity position provides runway to achieve critical research and development milestones through 2022.
"In a very short period of time, we’ve simplified our operations and focused our capital allocation to transform Progenity into a biotherapeutics company. We expect further improvement in operating expenditures as we continue to execute our transformation and focus on expediting development of our gastrointestinal health and oral biotherapeutics programs," CEO Adi Mohanty commented.

Nov. 23, 2021 7:27 AM ETProgenity, Inc. (PROG)By: Khyathi Dalal, SA News Editor