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PHILADELPHIA and VANCOUVER, British Columbia, May 15, 2023 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (NASDAQ:BCTX, BCTXW))))) (TSX:BCT) ("BriaCell" or the "Company"), a clinical-stage biotechnology company specializing in targeted immunotherapies for cancer, announces that the Company has signed a Master Service and Technology Agreement ("MSTA") agreement with Prevail InfoWorks, Inc. ("InfoWorks"), a Philadelphia, PA based Contract Research Organization (CRO), to provide clinical services and technologies for BriaCell's upcoming pivotal study in advanced metastatic breast cancer. Services include clinical site coordination, project management, clinical monitoring and pharmacovigilance (safety management) services, and the use of InfoWork's integrated real-time data analytics platform, The Single Interface®, for clinical support and real-time data analysis.
Prevail Partners, LLC ("Prevail Partners"), an investment fund and affiliate of InfoWorks, has agreed to purchase 463,408 BriaCell common shares at a price of $8.63 for gross proceeds of $4 million, representing a 20% premium to the trailing thirty (30) trading day volume-weighted average price of the common shares of the Company on the Nasdaq Stock Exchange. Subject to exchange approvals and other customary closing conditions, the subscription is expected to close on or about May 19, 2023.
"We have high confidence in Prevail InfoWorks' ability to coordinate our pivotal clinical trial in advanced breast cancer. They have extensive experience and expertise which should assure rapid accrual and smooth execution of the study. Additionally, fast, reliable data access is essential to successful and timely completion of our upcoming pivotal trial, lowers our clinical risk, and may speed up the FDA approval timeline," stated Dr. William V. Williams, BriaCell's President & CEO. "Prevail Partners' strategic investment in BriaCell's registration study further highlights the confidence Prevail has in our ability to execute on enrolment targets and subsequent survival data."
Prevail Partners acknowledges and agrees that they are purchasing the Shares pursuant to an exemption from any prospectus, registration or similar requirements under applicable U.S. and Canadian securities laws, and that the offer, sale and delivery of the Shares to Prevail Partners is conditional upon such offer, sale and deliver being exempt from the requirements under applicable securities laws requiring the filing of a prospectus in connection with the distribution of the Shares or upon the issuance of such rulings, orders, consents or approvals as may be required to permit such sale without the requirement of filing a prospectus. The common shares purchased by Prevail Partners are subject to applicable US and Canadian resale restrictions.
