Briacell Therapeutics Corp. (“Briacell” or the “Company”) (TSXV: BCT) is pleased to announce the voting results from its special meeting of shareholders held on April 28, 2021 (the “Meeting”).
At the Meeting, shareholders voted in favour of the special resolution approving the previously announced plan of arrangement (the “Arrangement”) involving the Company, its wholly-owned subsidiary, Briacell Therapeutics USA, Inc. (“Briacell USA”), and its shareholders.
The Arrangement was approved by 99.99% of the votes cast by shareholders present in person or represented by proxy at the Meeting. The Arrangement was also approved by 99.99% of the votes cast by shareholders present in person or represented by proxy at the Meeting, excluding the votes cast by shareholders who are related to the Company’s directors and officers.
The Arrangement will result in the Company becoming a wholly-owned subsidiary of Briacell USA and the Company’s shareholders receiving cash consideration of $0.50 per common share of the Company.
The Arrangement is subject to the satisfaction or waiver of certain conditions, including the receipt of all necessary court, regulatory and other third-party approvals. The Company expects to complete the Arrangement in the second quarter of 2021.
Briacell is a clinical-stage biotechnology company focused on the development of novel therapies for the treatment of cancer and other diseases. The Company’s lead product candidate, BCT-001, is a novel small molecule inhibitor of the PI3K/AKT/mTOR pathway, which is a key regulator of cell growth and survival.
The Company is currently conducting a Phase 1/2 clinical trial of BCT-001 in combination with chemotherapy in patients with advanced solid tumors. The Company is also developing BCT-002, a novel small molecule inhibitor of the PI3K/AKT/mTOR pathway, for the treatment of advanced solid tumors.
Briacell is committed to developing innovative therapies that have the potential to improve the lives of patients with cancer and other diseases. The Company is focused on advancing its clinical programs and expanding its pipeline of novel therapies.
We would like to thank our shareholders for their support of the Arrangement. We look forward to completing the Arrangement and continuing to advance our clinical programs and pipeline of novel therapies.
