BriaCell Announces Voting Results of the Special Meeting of Shareholders
October 24 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, today announced that the shareholders approved all matters
addressed at the special meeting (the "
Meeting")
of the holders of common shares (the "
Common
Shares") in the capital of BriaCell held on October 22,
2019.
At the Meeting, shareholders approved an
ordinary resolution without variation providing the board of
directors of the Company (the "Board") discretion
to consolidate the Company's issued and outstanding Common Shares
at a consolidation ratio of up to three-hundred (300)
pre-consolidation Common Shares for one (1) post-consolidation
Common Share (the "Consolidation") or such lower
ratio as the Board may determine (the "Consolidation
Resolution"). The Consolidation Resolution provides that
the Board is authorized, in its sole discretion, without further
approval by the shareholders, to select the final consolidation
ratio and proceed with the Consolidation at any time in twelve
months following the date of the Meeting – should the Board
determine that such Consolidation is in the best interest of the
Company and its shareholders. The Consolidation Resolution also
provides that the Board is authorized to determine not to proceed
with the proposed Consolidation without further approval of the
shareholders of the Company and that the Board is authorized to
revoke the Consolidation Resolution in its sole discretion without
further approval of the shareholders of the Company at any time
prior to implementation of the Consolidation.
The shareholders also approved a special
resolution without variation to authorize and approve the filing of
Articles of Amendment to delete the entirety of the existing Part 9
of the Company's Articles and adopting in its place a new Part 9,
as more particularly described in the Company's amended management
information circular dated September 23, 2019 and filed to SEDAR on
October 8, 2019 (the "Management Information
Circular"). A copy of the Management Information Circular
is available under the Company's profile on SEDAR
(www.sedar.com).
“It's important to note the Board now has
discretion, and has not committed, to enact a consolidation – and
will pursue a course of action only if the Board determines that
such course is in the best interest of the Company's shareholders,”
remarked Bondarenko, Director and Chairman of the Board.
“We’re intently focused on accelerating development of our
immuno-oncology assets while creating shareholder value.
BriaCell’s Board and management, as disclosed on SEDI.ca, owns
~33.6% of BriaCell's outstanding common shares.” 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 Development Email: farrah@BriaCell.com
Phone: 1-888-485-6340
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