BriaCell Receives Court Approval for the Share Arrangement Spinning Out BriaPro Therapeutics (SpinCo) to Existing Shareholders
25 August 2023 - 8:33PM
BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT)
("BriaCell" or the "Company"), a clinical-stage biotechnology
company that develops novel immunotherapies to transform cancer
care, today announces that the Company has received court approval
for the previously-announced plan of arrangement (the
"Arrangement") pursuant to which certain pipeline assets of the
Company, including Bria-TILsRx™ and protein kinase C delta (PKCδ)
inhibitors for multiple indications including cancer (the "SpinCo
Assets"), will be spun-out to BriaPro Therapeutics Corp.
("SpinCo"), resulting in a 2/3 owned subsidiary of the Company upon
closing of the Arrangement with the remaining 1/3 held by BriaCell
shareholders ("BriaCell Shareholders").
Subject to regulatory approvals, the Arrangement
is expected to take place on or around August 31, 2023.
Pursuant to the terms of the Arrangement, SpinCo
will acquire the entire right and interest in and to the SpinCo
Assets in consideration for the issuance by SpinCo to the Company
of SpinCo common shares. Under the terms of the Arrangement, for
each BriaCell share held immediately prior to closing, BriaCell
Shareholders will receive one (1) common share of SpinCo, and one
(1) new common share of BriaCell (retiring their old share) having
the same terms and characteristics as the existing BriaCell common
shares. August 31, 2023 is the expected effective date for the
distribution contemplated by the Arrangement. Following the closing
of the Arrangement, the Company will remain listed on the NASDAQ
Stock Market and Toronto Stock Exchange, and SpinCo will become an
unlisted reporting issuer in Canada.
About BriaCell Therapeutics
Corp.
BriaCell is a clinical-stage biotechnology
company that develops novel immunotherapies to transform cancer
care. More information is available at https://briacell.com/.
Cautionary Note Regarding
Forward-Looking Information
This release includes forward-looking
information (within the meaning of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995) regarding BriaCell and its business.
Often but not always, forward-looking information can be identified
by the use of words such as "expect", "intends", "anticipated",
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would" or "will" be taken, occur or be achieved.
Such statements are based on the current expectations and views of
future events of the management of BriaCell and are based on
assumptions and subject to risks and uncertainties. Although the
management of BriaCell believes that the assumptions underlying
these statements are reasonable, they may prove to be incorrect.
The forward-looking events and circumstances discussed in this
release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the
companies. Although BriaCell has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results to differ from those anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on any
forward-looking statements or information. No forward-looking
statement can be guaranteed. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and BriaCell does not undertake any
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise. Additional information relating to BriaCell,
including its annual information form, can be located on the SEDAR
website at www.sedar.com and on the EDGAR section of the SECs
website at www.sec.gov. Forward-looking statements contained in
this announcement are made as of this date, and BriaCell
Therapeutics Corp. undertakes no duty to update such information
except as required under applicable law.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities. Neither
the Toronto Stock Exchange, nor its Regulation Services Provider,
have approved the contents of this release or accept responsibility
for the adequacy or accuracy of this release.
Contact Information
Company Contact:William V.
Williams, MDPresident &
CEO1-888-485-6340info@briacell.com
Media Relations:Jules
AbrahamDirector of Public RelationsCORE
IR917-885-7378julesa@coreir.com
Investor Relations Contact:CORE
IRinvestors@briacell.com
BriaCell Therapeutics (NASDAQ:BCTXW)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
BriaCell Therapeutics (NASDAQ:BCTXW)
Historical Stock Chart
Von Jul 2023 bis Jul 2024