BriaCell Therapeutics Announces Closing of $5.0 Million Registered Direct Offering

PHILADELPHIA and VANCOUVER, British Columbia, May 17, 2024 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) (“BriaCell” or the “Company”), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, today announced it has closed its previously announced registered direct offering with healthcare-focused institutional investors and a certain existing investor and a director of the Company for the purchase and sale of 2,402,935 common shares of the Company (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of 2,402,935 common shares of the Company for aggregate gross proceeds of approximately $5.0 million before deducting placement agent fees and other offering expenses (the “Offering”). Each common share (or pre-funded warrant in lieu thereof) was sold together with one warrant to purchase one common share at a combined purchase price of $2.00 to the institutional investors and $2.215 to the existing investor and director of the Company. The warrants have an exercise price of $2.11 per share, will become exercisable six months from the date of issuance and expire five years from the initial exercise date.

The Company intends to use the net proceeds from this Offering for working capital and general corporate purposes including, but not limited to, research and development studies, including the Phase 3 pivotal study in advanced breast cancer, and the patent and legal costs associated therewith, potential repurchase of certain of our issued shares and warrants and for general working capital purposes.

“We feel honored to have four high quality and supportive shareholders that subscribed to our equity deal, including a follow-on purchase from our Clinical Research Organization (CRO)'s affiliate, Prevail Partners, LLC, an existing shareholder, and a board of directors’ member,” stated Dr. William V. Williams, BriaCell’s President & CEO. “Our long-standing partners’ and investors’ deep understanding of our technology and its potential is a great vote of confidence in our programs moving forward.”

A.G.P./Alliance Global Partners acted as sole placement agent for the Offering.

This Offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-276650) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 22, 2024 and declared effective on January 31, 2024. A final prospectus supplement describing the terms of the Offering has been filed with the SEC and, together with the based prospectus, is available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, by telephone at [phone], or by email at [e-mail]. The Offering was also conducted on a private placement basis in Canada in reliance upon available exemptions from the prospectus requirements of applicable Canadian securities laws. No Canadian prospectus was or will be filed in a province or territory of Canada to qualify the securities in connection with the Offering and the securities issued hereunder to Canadian subscribers have a statutory hold period of four months and one day from the date of issuance pursuant to applicable securities laws. The Company relied upon the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.