BCTX - BriaCell to spin out BriaPro Therapeutics

2023-05-25 09:34:36 ET

• A clinical-stage biotechnology company specialising in targeted immunotherapies for cancer, BriaCell Therapeutics ( NASDAQ: BCTX ) enters into an agreement with BriaPro Therapeutics, a wholly-owned subsidiary  pursuant to which certain pre-clinical pipeline assets of the company, including Bria-TILsRx and protein kinase C delta (PKC?) inhibitors for multiple indications, including cancer will be spun-out to SpinCo.
• Pursuant to the agreement, 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 shares.
• BriaCell shareholders will get one share of SpinCo, and one new share of BriaCell with the same terms and characteristics as the existing BriaCell shares.
• SpinCo shares issued to BriaCell shareholders will, in aggregate, represent 33.33% ownership of SpinCo shares upon closing of the arrangement, with BriaCell initially retaining a 66.67% ownership interest in SpinCo.

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