Buyback to Purchase up to 10% of Shares & Listed Warrants BERKELEY, Calif. and VANCOUVER, British Columbia, Sept. 09, 2021 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX-V: BCT) (“BriaCell” or the “Company”), a clinical-stage biotechnology company specializing in targeted immunotherapies for advanced breast cancer, announces that its board of directors (the “Board”) has authorized the Company’s repurchase program whereby the Company may purchase through the facilities of the TSX Venture Exchange ("TSXV") or The NASDAQ Capital Market ("NASDAQ") (i) up to 1,341,515 common shares (the “Common Shares”) and (ii) up to 411,962 publicly traded BCTXW warrants (the “Listed Warrants”) in total, representing 10% of the 13,415,154 Common Shares and 10% of the 4,119,622 Listed Warrants comprising the "public float" as of September 8, 2021, over the next 12 months (the “Buyback”). Independent Trading Group (ITG) Inc. will act as the Company’s advisor and dealer manager in respect of the Buyback. The Company expects to finalize the terms of the Buyback and formally commence the Buyback by September 14, 2021, subject to obtaining any necessary regulatory approvals.
“BriaCell is in an excellent position and fully resourced to achieve significant milestones. Bria-IMT™ is steadily advancing toward a pivotal registration study that we plan to initiate in 2022. Also, Bria-OTS™ is on track to enter the clinic this year. Our novel immunotherapy cell lines for prostate cancer, lung cancer, and melanoma are all scheduled to enter the clinic in 2022. This robust pipeline will be a major value driver for BriaCell as we strive to deliver novel therapies for the patients who need them the most,” stated Dr. Bill Williams, BriaCell’s President & CEO. “In light of this enviable position, the Board has determined the best use of BriaCell’s excess capital at this time is to buy back its own shares and warrants, and further enhance value for our shareholders.”
As of September 8, 2021, the Company had 15,269,583 Common Shares and 4,219,622 Listed Warrants issued and outstanding. BriaCell’s cash balance as of July 31, 2021 was US$57 million. The repurchase program will in no way interfere with BriaCell’s ambitious growth plans to expand into previously-announced areas of cancer immunotherapy and/or advance its current breast cancer clinical trials.
BriaCell's proposed repurchases may be conducted through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, subject to the market conditions and in compliance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the "SEC") Rule 10b-18 and/or Rule 10b5-1 requirements. Purchases of Common Shares or Listed Warrants through the NASDAQ will not, during the 12-month period, exceed 5% of the outstanding Common Shares or Listed Warrants in the aggregate, as at the commencement of the Buyback. Additionally, the program is subject to the approval by TSXV. BriaCell’s Board of Directors will be reviewing the program periodically and may revise the terms and/or size or suspend or discontinue the program.
About BriaCell Therapeutics Corp.
BriaCell is an immuno-oncology focused biotechnology company developing targeted and effective approaches for the management of cancer. More information is available at https://briacell.com/
https://www.globenewswire.com/news-release/2021/09/09/2294425/0/en/BriaCell-Announces-Securities-Buyback-to-Purchase-up-to-10-of-Common-Shares-and-up-to-10-of-Listed-Warrants.html