BriaCell Announces Closing of US$25 Million Public Offering
February 26 2021 - 01:24PM
BriaCell Therapeutics Corp. (TSX-V:BCT) (NASDAQ: BCTX,
BCTXW) (“BriaCell” or the “Company”), a clinical-stage
biotechnology company specializing in targeted immunotherapies for
advanced breast cancer, today closed its previously announced
underwritten public offering in the United States. The Company
offered 4,852,353 common units at a public offering price of
US$4.25 per unit, consisting of one share of common stock and one
warrant to purchase one share of common stock (“Warrant”), and
1,030,000 pre-funded units at a public offering price of US$4.24
per unit, consisting of one pre-funded common stock purchase
warrant (“Pre-Funded Warrant”) and one Warrant. The Pre-Funded
Warrants are exercisable at any time after the date of
issuance at an exercise price of US$0.01 per common
share. The Warrants have a per share exercise price of
US$5.3125, can be exercised immediately, and expire five years from
the date of issuance.
The aggregate gross proceeds to the Company from
the offering were approximately US$25 million, before deducting
underwriting discounts, commissions and other offering expenses.
The Company has granted the underwriter a 45-day option to purchase
up to 882,352 additional shares of common stock and/or Pre-Funded
Warrants and/or 882,352 additional warrants to cover
over-allotments, if any. In connection with the closing of this
offering, the underwriter has exercised its over-allotment option
to purchase an additional 882,352 warrants. The underwriter has
retained the right to exercise the balance of its over-allotment
option within the 45-day period.
The common shares and warrants began trading on
the Nasdaq Capital Market under the symbols BCTX and BCTXW
respectively, on February 24, 2021.
The Company intends to use the net proceeds to
fund clinical trials, research and development, and for general
working capital and general corporate purposes.
ThinkEquity, a division of Fordham Financial
Management, Inc., acted as sole book-running manager for the
offering.
A registration statement on Form F-1 (File No.
333-234292) relating to the shares was filed with the Securities
and Exchange Commission (“SEC”) and became effective on February
23, 2021. This offering was made only by means of a
prospectus. Copies of the final prospectus may be obtained from
ThinkEquity, a division of Fordham Financial Management, Inc., 17
State Street, 22nd Floor, New York, New York 10004, by telephone at
(877) 436-3673, by email at prospectus@think-equity.com. Investors
may also obtain these documents at no cost by visiting the SEC’s
website at http://www.sec.gov.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About BriaCell Therapeutics Corp.
BriaCell is an immuno-oncology focused
biotechnology company developing targeted and effective approaches
for the management of cancer.
For additional information on BriaCell, please
visit: https://briacell.com/.
Forward Looking Statements
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 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 in the section titled “Risk Factors” in the prospectus
related to the public offering filed with the Securities and
Exchange Commission. 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 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
BriaCell Therapeutics Corp.:William V.
Williams, MDPresident & CEOPhone: 1-888-485-6340
BriaCell Therapeutics Corp.:Farrah DeanManager,
Corporate DevelopmentEmail: farrah@BriaCell.comPhone:
1-888-485-6340
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