BriaCell Therapeutics (NSDQ:BCTX) announced today that it closed an underwritten public offering worth $25 million.
Berkeley, Calif.-based BriaCell offered more than 4.85 million common units comprised of one share of common stock and one warrant to purchase one share of common stock priced at $4.25 per unit, according to a news release.
Additionally, the offering included more than 1 million pre-funded units at a public offering price of $4.24 per unit, with each unit including one pre-funded common stock purchase warrant and one warrant.
Pre-funded warrants are exercisable at any time after the date of issuance at an exercise price of 1¢ per common share. The warrants have a per share exercise price of $5.3125, can be exercised immediately and expire five years from the date of issuance.
BriaCell collected gross proceeds of approximately $25 million before deducting discounts, commissions and other expenses. Underwriters were granted a 45-day option to purchase up to 882,352 additional shares of common stock and/or pre-funded warrants and/or additional warrants to cover over-allotments, if any.
The underwriter exercised its over-allotment option to purchase the additional 882,352 warrants and retained the right to exercise the balance of its over-allotment option within the 45-day period. Shares and warrants began trading on Feb. 24, 2021. ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
BriaCell intends to use the net proceeds to fund clinical trials, R&D and for general working capital/general corporate purposes. The company develops immuno-oncology focused biotechnology for targeted and effective approaches to manage cancer.