Immuno-oncology focused biotechnology company BriaCell Therapeutics Corp. (TSX.V: BCT) (OTCQB: BCTXF) recently announced plans to enter into a securities purchase agreement of convertible notes with a leading group of biotech-focused institutional and family office funds for an investment of $800,000. Under the terms of the proposed agreement, the note offering will consist of a five percent unsecured convertible note of BriaCell in the principal amount of $800,000 which will be convertible at the option of the holder into common shares of BriaCell at a fixed conversion price of C$0.10 per common share. The offering will also include one common share purchase warrant, which will be valid for 36 months following the date of closing of the offering and will be exercisable for one common share at an exercise price of C$0.14. Concurrently, BriaCell also intends to complete a non-brokered private placement of units of the company at a price of $0.10 per unit for aggregate gross proceeds of up to C$4 million. Briacell intends to use the proceeds from these offerings to finance its phase IIa clinical trial and its pursuit of other research opportunities, as well as for working capital and general corporate purposes.
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BriaCell is an immuno-oncology focused biotechnology company developing a targeted and safe approach to the management of cancer. Immunotherapy has come to the forefront in the fight against cancer, harnessing the body’s own immune system in recognizing and selectively destroying cancer cells while sparing normal ones. Immunotherapy, in addition to generally being more targeted and less toxic than commonly used types of chemotherapy, is also thought to be a potent approach with the potential to prevent cancer recurrence. For more information, visit the company’s website at www.BriaCell.com
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