BriaCell Therapeutics Corp., a Vancouver-Philadelphia biotechnology company, is set to raise US$5.5 million through a public share offering. The company intends to use the net proceeds to support working capital needs, general corporate activities, and the further development of its business objectives, particularly the advancement of its lead drug candidate, Bria-IMT.
The offering consists of 7.4 million common shares and warrants to purchase an additional 7.4 million common shares, priced at $0.75 per share with warrants exercisable at $0.94 per share.
Bria-IMT: A Novel Approach to Metastatic Breast Cancer Treatment
Bria-IMT is a cell-based therapy designed to selectively target and destroy tumor cells. It is currently in Phase 3 clinical trials as a treatment for metastatic breast cancer, a disease with significant unmet medical needs. The U.S. Food and Drug Administration (FDA) has granted Bria-IMT Fast Track designation, expediting its development and review.
BriaCell has previously reported positive results from clinical trials of Bria-IMT, demonstrating tumor shrinkage in some patients with metastatic breast cancer. On December 3, the company announced that the Data Safety Monitoring Board recommended the continuation of the pivotal Phase 3 trials, indicating that the trial can proceed as planned without any safety concerns.
Clinical Significance and Future Directions
The Phase 3 trial is designed to evaluate the efficacy and safety of Bria-IMT in patients with advanced breast cancer. The primary endpoint of the trial is to assess the overall survival rate of patients treated with Bria-IMT compared to standard of care. Secondary endpoints include evaluating progression-free survival, objective response rate, and quality of life.
BriaCell's focus remains on advancing Bria-IMT through clinical development and ultimately bringing a new treatment option to patients with metastatic breast cancer. The proceeds from this share offering will be instrumental in supporting these efforts.
