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PHILADELPHIA and VANCOUVER, British Columbia, Aug. 25, 2023 (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 announces that the Company has received court approval for the previously-announced plan of arrangement (the "Arrangement") pursuant to which certain pipeline assets of the Company, including Bria-TILsRx™ and protein kinase C delta (PKCδ) inhibitors for multiple indications including cancer (the "SpinCo Assets"), will be spun-out to BriaPro Therapeutics Corp. ("SpinCo"), resulting in a 2/3 owned subsidiary of the Company upon closing of the Arrangement with the remaining 1/3 held by BriaCell shareholders ("BriaCell Shareholders").
Subject to regulatory approvals, the Arrangement is expected to take place on or around August 31, 2023.
Pursuant to the terms of the Arrangement, SpinCo will acquire the entire right and interest in and to the SpinCo Assets in consideration for the issuance by SpinCo to the Company of SpinCo common shares. Under the terms of the Arrangement, for each BriaCell share held immediately prior to closing, BriaCell Shareholders will receive one (1) common share of SpinCo, and one (1) new common share of BriaCell (retiring their old share) having the same terms and characteristics as the existing BriaCell common shares. August 31, 2023 is the expected effective date for the distribution contemplated by the Arrangement. Following the closing of the Arrangement, the Company will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange, and SpinCo will become an unlisted reporting issuer in Canada.
