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BriaCell raises funds for product pipeline

BriaCell Therapeutics Corp. closed a placement of 43,072,322 company units priced 10 Canadian cents each, raising C$4.3 million in the process.

Each unit consisted of a common share and a warrant to buy an additional stock for 14 Canadian cents apiece.

U.S. biotech funds Brio Capital Master Fund Ltd., Efrat Investments LLC and Mario Family Partners LP participated in the unit offering.

In a separate placement, BriaCell issued US$800,000 worth of debt in the form of 5% unsecured notes that can be converted into common shares of the company.

The biotechnology company will use the net proceeds to advance its product pipeline, which includes a treatment for breast cancer.