BriaCell Therapeutics Corp (NASDAQ: BCTX) has announced that its Board has approved a share repurchases program that will see the company purchase around 1.342 million common shares and 411,962 publicly traded BriaCell warrants in total over the next 12 months.
BriaCell to begin Buyback on September 14
The repurchase represents 10% of the company’s 13.415 million common shares, and 10% of approximately 4.12 issued warrants that comprise the public float. Independent Trading Group (ITG) Inc. shall serve as BriaCell’s dealer manager and advisor in relation to the Buyback. Subject to receiving the necessary regulatory clearances, the company plans to finalize the Buyback terms and officially begin the Buyback on September 14, 2021.
The company’s CEO and president Bill Williams said, “BriaCell is in an excellent position and fully resourced to achieve significant milestones. Bria-IMT™ is steadily advancing toward a pivotal registration study that we plan to initiate in 2022. Also, Bria-OTS™ is on track to enter the clinic this year. Our novel immunotherapy cell lines for prostate cancer, lung cancer, and melanoma are all scheduled to enter the clinic in 2022. This robust pipeline will be a major value driver for BriaCell as we strive to deliver novel therapies for the patients who need them the most. In light of this enviable position, the Board has determined the best use of BriaCell’s excess capital at this time is to buy back its own shares and warrants, and further enhance value for our shareholders.”
BriaCell to continue advancing its cancer immunotherapies.
The company round 15.27 million Common Shares and around 4.22 Listed Warrants outstanding and issued as of September 8, 2021. At the end of July, BriaCell had a cash balance of US$57 million. Notably, the repurchase program will not hamper BriaCell’s aggressive growth aspirations to expand into areas of cancer immunotherapy or advances in the current breast cancer clinical studies.