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BriaCell to raise C$2M to fund breast cancer drug development

BriaCell Therapeutics Corp. is looking to raise C$2 million in gross proceeds via a nonbrokered private placement of its common shares.

The company is offering up to 20 million common shares priced at 10 Canadian cents apiece in the transaction. The size of the private placement includes the previously announced C$500,000 equity investment from Jamieson Bondarenko, the company's director and acting chairman.

Proceeds will be used by BriaCell to fund its phase 2a combination study of Bria-IMT in combination with Merck & Co. Inc.'s Keytruda to treat advanced breast cancer. A portion of the proceeds will also go to other research opportunities, along with working capital and general corporate purposes.

Closing is expected to occur March 28, subject to final approval from the TSX Venture Exchange.