- BriaCell (BCT) closes $4 million strategic investment by Prevail Partners, LLC at US$8.63
- The company issued 463,408 common shares for US$4 million
- Proceeds will be used for contract research organization clinical services and technologies for its upcoming pivotal study in advanced metastatic breast cancer
- BriaCell is focused on developing targeted and effective approaches for the management of cancer
- BriaCell (BCT) is up 5.30 per cent, trading at C$8.34 at 11:38 pm EST
BriaCell Therapeutics (TSX:BCT) completed a previously-announced strategic investment by Prevail Partners.
The company issued 463,408 common shares to Prevail Partners at US$8.63 for 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.
With that said, the company’s priorities remain to be around creating novel therapeutic products to those with advanced breast cancer patients.
“[We are focused on helping] 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,” added Dr. Williams.
Conditional approval was given by the T-S-X yesterday and the issuance remains subject to post close filings with the T-S-X.
Proceeds will be used for contract research organization clinical services and technologies for its upcoming pivotal study in advanced metastatic breast cancer.
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.
BriaCell is an immuno-oncology-focused biotechnology company developing targeted and effective approaches for the management of cancer.
Prevail Partners, LLC is a corporate strategic investment fund investing in clinical stage therapeutics companies.
BriaCell (BCT) is up 5.30 per cent, trading at C$8.34 at 11:38 pm EST.
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