BriaCell Announces Closing of Upsized Non-Brokered Private Placement of $846,301.49
09 September 2019 - 11:33PM
BriaCell Therapeutics Corp. ("BriaCell" or the "Company")
(TSX-V:BCT) (OTCQB:BCTXF), a clinical-stage biotechnology
company specializing in targeted immunotherapy for advanced breast
cancer, announces that it has upsized and closed its
previously-announced non-brokered private placement (the
“Offering”) of common shares in the capital of the Company. Under
the Offering, the Company issued a total of 12,090,007 common
shares at a price of C$0.07 per common share for gross proceeds of
C$846,300.49.
BriaCell directors and management purchased
11,201,007 common shares for aggregate proceeds of C$784,070.49,
included in the C$846,300.49 total proceeds figure.
The Company intends to use the proceeds from the
Offering to fund research and development, for the repayment of
outstanding unsecured convertible notes and for general working
capital and general corporate purposes.
All securities issued under the Offering will be
subject to a hold period expiring four months plus one day
following the closing of the Offering. The Offering remains subject
to final approval from the TSX Venture Exchange.
BriaCell’s board of directors and management are
insiders of the Company, and insider participation in the Offering
is considered a “related party transaction” pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). The Company is
exempt from the requirements to obtain a formal valuation or
minority shareholder approval in connection with the insiders’
participation in the Offering in reliance of sections 5.5(a) and
5.7(1)(a) of MI 61-101.
The securities have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”), or any U.S. state securities laws, and may
not be offered or sold in the United States or to, or for the
account or benefit of, United States persons absent registration or
an applicable exemption from the registration requirements of the
U.S. Securities Act and applicable U.S. state securities laws. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
In an unrelated note, the Company today granted
incentive stock options on 50,000 treasury shares exercisable on or
before the expiry of 5 years from the date of grant at a price of
$0.07 per share.
About BriaCell
BriaCell is an immuno-oncology focused
biotechnology company developing targeted and safe approaches for
the management of cancer.
BriaCell is currently conducting a Phase I/IIa
clinical trial of Bria-IMT™, BriaCell’s lead candidate, in a
Combination Study with immune checkpoint inhibitors such as
pembrolizumab [KEYTRUDA®; manufactured by Merck & Co., Inc.
(NYSE: MRK)]. The Combination Study is listed in ClinicalTrials.gov
as NCT03328026.
BriaCell and Incyte Corporation (NASDAQ: INCY)
have formed a non-exclusive clinical trial collaboration to
evaluate the effects of combinations of novel clinical candidates.
Under the agreement, Incyte and BriaCell will be evaluating novel
combinations of compounds from Incyte’s development portfolio with
Bria-IMT™ in advanced breast cancer patients.
BriaCell is developing Bria-OTS™, an
off-the-shelf personalized immunotherapy, for advanced breast
cancer. Bria-OTS™ immunotherapy treatments are personalized to
match the patient without the need for personalized manufacturing.
Bria-OTS™, which is expected to cover over 99 percent of the
patient population, is designed to produce a potent and selective
immune response against the cancer of each patient while
eliminating the time, expense and complex manufacturing logistics
associated with other personalized immunotherapies.
For additional information on BriaCell, please
visit: https://briacell.com/.
Cautionary Note Regarding Forward-Looking
Information
Except for the statements of historical fact,
this news release contains "forward-looking information" within the
meaning of the applicable Canadian securities legislation which
involves known and unknown risks relevant to the Company in
particular and to the biotechnology and pharmaceutical industries
in general, uncertainties and other factors that may cause actual
events to differ materially from current expectation. These risks
are more fully described in the Company's public filings available
at www.sedar.com.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company disclaims any
intention or obligation, except to the extent required by law, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact Information
For further information, please
contact:BriaCell Therapeutics Corp.:Farrah
DeanManager, Corporate DevelopmentEmail: farrah@BriaCell.com Phone:
1-888-485-6340
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