BriaCell Therapeutics raises $1.27M in financings
2016-05-03 07:54 PT - News Release
Mr. Gadi Levin reports
BRIACELL COMPLETES PREVIOUSLY ANNOUNCED INVESTMENT WITH LEADING U.S. BIOTECH FUND AND NON-BROKERED PRIVATE PLACEMENT
BriaCell Therapeutics Corp. has completed both its previously announced brokered and non-brokered private placements of units totalling gross proceeds of $1,275,000.
BriaCell intends to use the proceeds from the financings toward its upcoming phase I/IIa clinical trial for BriaVax, which is planned to launch by early summer, 2016. Proceeds will also be used for advancing BriaCell's research and development program and companion diagnostic platform known as BriaDx, and for general corporate purposes.
BriaCell chief financial officer Gadi Levin commented, "We have prudently positioned strategic investors through equity and aligned new investors with existing ones while infusing the company with capital, allowing BriaCell to execute on its significant milestones."
A leading U.S. biotechnology fund invested $650,000 into BriaCell through a subscription of units in a brokered private placement led by New York investment bank Rodman & Renshaw, a unit of H.C. Wainwright & Co. This investment was complemented by a non-brokered private placement of an additional $625,000 worth of units. Together, the financings resulted in a gross equity investment of $1,275,000.
HCW acted as exclusive agent to the brokered private placement and received a cash commission equal to 8 per cent of the gross proceeds raised, plus a number of broker warrants equal to 8 per cent of the units issued in the brokered private placement. Each broker warrant is exercisable into one common share in the capital of the company for a period of 60 months from closing of the brokered private placement at a price of 30 cents per common share.
An 8-per-cent cash commission plus finders' options equal to 8 per cent of the number of non-brokered units sold in the non-brokered private placement were paid to certain participating dealers. Each finder's option is exercisable into one non-brokered unit at any time until April 29, 2018, at an exercise price of 20 cents.
Securities issued in the financings are subject to a statutory four-month hold period. For further details of the financings, please refer to the company's news releases dated April 22, 2016.
We seek Safe Harbor. |
