BriaCell Announces $350,000 Equity Investment by Board of Directors
July 23 2019 - 6:30AM
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, is pleased to announce that it intends to complete a
non-brokered private placement of up to 5,000,000 common shares of
the Company at a price of C$0.07 per common share for gross
proceeds of up to approximately C$350,000 (the
“
Offering”)
.
The Company intends to use the net proceeds from
the Offering:
(i) to finance the Company's Phase
IIa combination study of Bria-IMT™ with KEYTRUDA® [by Merck &
Co. Inc. (NYSE: MRK)] in advanced breast cancer;(ii) to
finance the Company's collaboration with Incyte (NASDAQ: INCY):
combination study of Bria-IMT™ with selected Incyte compounds,
including an anti-PD-1 monoclonal antibody and an IDO1 inhibitor in
advanced breast cancer;(iii) to finance the Company's pursuit
of other research opportunities; and(iv) for working capital
and general corporate purposes.
The closing of the Offering is scheduled to
occur on or about August 6, 2019. 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 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.
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 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: http://www.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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