Brief: Briacell Announces To Spin-Out Certain Pre-Clinical Assets Into Spinco

Briacell Therapeutics

30/03/2023 15:21

March 30 (Reuters) - Briacell Therapeutics Corp
 BCT.TO :
    * BRIACELL ANNOUNCES INTENTION TO SPIN-OUT CERTAIN
PRE-CLINICAL
ASSETS INTO A NEWLY CREATED “SPINCO” ENTITY WHEREBY SHAREHOLDERS
TO RECEIVE ONE NEW SHARE OF “SPINCO” IN ADDITION TO EACH CURRENT
SHARE OF BRIACELL ALREADY HELD
    * BRIACELL THERAPEUTICS - SPINCO ASSETS  INCLUDES
BRIA-TILSRX™,
AND PROTEIN KINASE C DELTA INHIBITORS FOR MULTIPLE INDICATIONS
INCLUDING CANCER
    * BRIACELL THERAPEUTICS CORP - SPINCO SHARES ISSUED TO
BRIACELL
SHAREHOLDERS WILL COMPRISE 33.33% OWNERSHIP OF SPINCO SHARES
UPON CLOSING OF TRANSACTION
    * BRIACELL THERAPEUTICS CORP - FOLLOWING TRANSACTION,
BRIACELL
WILL REMAIN LISTED ON BOTH NASDAQ STOCK MARKET AND TORONTO STOCK
EXCHANGE
    * BRIACELL THERAPEUTICS CORP - ON CLOSING OF TRANSACTION,
ANTICIPATED THAT SPINCO ASSETS WILL BE MAJORITY-OWNED,
CONTROLLED, AND GOVERNED BY BRIACELL
    * BRIACELL THERAPEUTICS CORP - FOLLOWING DEAL, SPINCO WILL
BECOME
AN UNLISTED REPORTING ISSUER IN CANADA
    * BRIACELL THERAPEUTICS - SPINCO MAY SEEK FUNDING SUBSEQUENT
TO
DEAL CLOSE, INTEND TO USE MAJORITY OF PROCEEDS TO ADVANCE
DEVELOPMENT OF SPINCO ASSETS
    * BRIACELL THERAPEUTICS CORP - INTENDED THAT SPINCO WILL BE
MANAGED BY DR. WILLIAM V. WILLIAMS, AS PRESIDENT AND CEO, AND
MR. GADI LEVIN, AS CFO
    * BRIACELL THERAPEUTICS CORP - BRIACELL WILL RETAIN SPINCO
SHARES
REPRESENTING 66.67% OWNERSHIP OF SPINCO
    * BRIACELL THERAPEUTICS CORP - SPINCO WILL PROVIDE AN
OPPORTUNITY
FOR SPINCO ASSETS TO BE FUNDED AND DEVELOPED ON THEIR OWN

Source text for Eikon:  ID:nGNX5pPVZM 
Further company coverage:  BCT.TO 

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