BriaCell Announces Closing of Non-Brokered Private Placement of $568,444
October 15 2019 - 5:33PM
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 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 8,120,633 common shares at a price of C$0.07 per
common share for gross proceeds of C$568,444.
BriaCell directors purchased 5,714,328 common
shares for aggregate proceeds of C$400,003, included in the
C$568,444 total proceeds figure.
“I wanted to take this opportunity to thank our
board members for their time, dedication, and ongoing
contribution,” said Dr. Bill Williams, BriaCell’s President &
CEO. “I also wanted to thank our new and existing investors for
their continued support of our mission of developing safe and
effective treatment options for advanced breast cancer
patients.”
The Company intends to use the proceeds from the
Offering to fund research and development, 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. The Company paid a
total of C$1,499 cash finders’ fees on subscriptions under the
Offering.
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 conducting a Phase I/IIa clinical
trial of Bria-IMT™, BriaCell’s lead candidate, in a Combination
Study with immune checkpoint inhibitors such as the Incyte drugs
INCMGA00012 (an anti-PD-1 antibody similar to pembrolizumab
[KEYTRUDA®; manufactured by Merck & Co., Inc. (NYSE: MRK)]) and
epacadostat, an orally bioavailable small-molecule inhibitor of
indoleamine 2,3-dioxygenase 1 (IDO1). The combination study is
listed in ClinicalTrials.gov as NCT03328026.
BriaCell currently has a non-exclusive clinical
trial collaboration with Incyte Corporation 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 BriaCell’s drug
candidates in advanced breast cancer patients.
BriaCell is also 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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