BriaCell Therapeutics Corp. (TSX: BCT,Nasdaq), a Vancouver-Philadelphia biotechnology company with a new cancer drug in clinical trials, plans to raise US$5.5 million in a public share offering.
The company recently announced the pricing for an underwritten share offering.
The company is planning to offer 7.4 million common shares and warrants for the purchase 7.4 million common shares at $0.75 per share. The warrants will have an exercise price of $0.94 per share.
The company expects to raise US$5.5 million through the share offering.
“The company intends to use the net proceeds from the offering for working capital requirements, general corporate purposes, and the advancement of business objectives,” BriaCell said in a news release.
BriaCell has reported positive results in clinical trials with its Bria-IMT -- a cell-based therapy designed to selectively target and destroy tumour cells – in the treatment of metastatic breast cancer.
The drug is in Phase 3 clinical trials, and is being conducted under a Fast Track designation with the Food and Drug Administration in the U.S.
On Dec. 3, BriaCell announced the Data Safety Monitoring Board recommended continuation of the pivotal Phase 3 trials.
