BERKELEY, CALIFORNIA and VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 19, 2016) - BriaCell Therapeutics Corp. ("BriaCell" or the "Company") (TSX VENTURE:BCT)(OTCQB:BCTXF) is pleased to announce it has completed its previously announced non-brokered private placement financing (the "Offering") of units (the "Units") for aggregate gross proceeds to the Company in the amount of $1,700,000.
Under the Offering, each Unit shall consist of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). The Warrants will be valid for 36 months following the date of closing of the Offering and each Warrant will be exercisable for one Common Share at an exercise price of $0.30 if exercised during the initial 12 months and $0.35 if exercised during the subsequent 24 months following the date of closing of the Offering.
The Company intends to use the proceeds from the Offering toward the Company's Phase I/IIa clinical trial, for advancing the BriaCell R&D program and companion diagnostic platform known as BriaDx™, and for general corporate purposes.
A finder's fee consisting of 7% of the gross proceeds raised plus finder's options (the "Finder's Option") equal to 7% of the number of Units sold under the Offering was paid to certain participating dealers. Each Finder's Option is exercisable into one Unit at any time until August 19, 2019.
The Units, including all underlying securities thereof, are subject to a hold period of four months and one day from their date of issuance under applicable Canadian securities laws.
BriaCell is an immuno-oncology biotechnology company developing a more targeted, less toxic approach to cancer management. BriaCell's mission is to serve late-stage cancer patients with no other treatment options.
Immunotherapy has come to the forefront of the fight against cancer, harnessing the body's own immune system in recognizing and selectively destroying the cancer cells while sparing normal ones. Immunotherapy, in addition to generally being more targeted and less toxic than commonly used types of chemotherapy, is also thought to be a strong type of approach aimed at preventing cancer recurrence.
BriaVax™, the Company's lead product is a genetically engineered whole-cell vaccine derived from a human breast tumor cell line. This targeted vaccine is believed to generate strong antibody and T-cell responses, which in turn may boost the immune system to recognize and eliminate cancerous cells. The Company has already demonstrated encouraging clinical results, and is intent on building upon these results to further advance BriaVax™ through additional FDA-approved clinical trials in order to help cancer patients with no other options. The results of two previous FDA Phase I clinical trials have been encouraging in terms of both safety and efficacy in patients with advanced solid tumors (17 breast cancer, 1 ovarian cancer).
In some cases, patient survival was three to five times longer than would have been expected. For more information, please visit www.BriaCell.com.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. 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.
The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States 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.
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. Other forward-looking information in this news release includes but is not limited to the intended use of proceeds of the Offering and other terms of the Offering.
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.