BriaCell Closes $4 Million Strategic Investment by Prevail Partners, LLC at US$8.63 per Share
May 19 2023 - 11:38AM
BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT)
(“BriaCell” or the “Company”), a clinical-stage biotechnology
company specializing in targeted immunotherapies for cancer, is
pleased to announce that the Company has completed the
previously-announced strategic investment by Prevail Partners, LLC
(“
Prevail Partners”) in the Company (the
“
Investment”), in accordance with a stock purchase
agreement (the “
Agreement”) entered into between
the Company and Prevail Partners on May 12, 2023. Pursuant to the
Agreement, the Company issued 463,408 common shares (the
“
Shares”) to Prevail Partners (the
“
Issuance”) at a price per Share of US$8.63 for
aggregate gross proceeds of US$4 million.
“Contract Research Organizations (CROs)
typically do not invest in small biotech companies. Prevail
Partner’s significant investment in BriaCell is a remarkable sign
of confidence in our clinical plans and objectives,” stated Dr.
William V. Williams, BriaCell’s President & CEO. “Our top
priority remains to bring our novel therapeutic to advanced breast
cancer patients who have failed other treatments and/or are unable
to tolerate the harsh side effects of other drugs, and we believe
Prevail is the right partner for us to achieve this goal.”
The Company received conditional approval from
the Toronto Stock Exchange (“TSX”) on May 18,
2023. The Issuance remains subject to customary post-close
filings with the TSX. The Company intends to use the proceeds from
the Investment for Contract Research Organization (CRO) clinical
services and technologies for its upcoming pivotal study in
advanced metastatic breast cancer. The services, provided by
Prevail Partners’ affiliate, Prevail InfoWorks, Inc. (“InfoWorks”),
include clinical site coordination, project management, clinical
monitoring and pharmacovigilance (safety management) services, and
the use of InfoWork’s integrated real-time data analytics platform,
The Single Interface®, for clinical support and real-time data
analysis.
The Shares are subject to applicable US and
Canadian resale restrictions, including a statutory hold period
under Canadian securities laws of four months and one day from the
closing date.
About BriaCell Therapeutics
Corp.
BriaCell is an immuno-oncology-focused
biotechnology company developing targeted and effective approaches
for the management of cancer. More information is available at
https://briacell.com/.
About Prevail Partners, LLC
Prevail Partners, LLC is a corporate strategic
investment fund investing in clinical stage therapeutics companies.
More information is available at https://prevailpartners.com/.
Safe Harbor
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” “will,” “would,” or the negative of
these words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements, including in relation to the TSX approval of the
Issuance and use of proceeds, are based on BriaCell’s current
expectations and are subject to inherent uncertainties, risks, and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. These and other risks and
uncertainties are described more fully under the heading “Risks and
Uncertainties” in the Company’s most recent Management’s Discussion
and Analysis, under the heading “Risk Factors” in the Company’s
most recent Annual Information Form, and under “Risks and
Uncertainties” in the Company’s other filings with the Canadian
securities regulatory authorities and the U.S. Securities and
Exchange Commission, all of which are available under the Company’s
profiles on SEDAR at www.sedar.com and on
EDGAR 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.
Neither the Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) accepts 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
Prevail Partners, LLC Contact:Mary
SchaheenPresident267-797-2011mary.schaheen@prevailpartners.com
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