BriaCell Therapeutics Corp. (TSX:BCT, Nasdaq: BCTX), a Vancouver-Philadelphia oncology immunotherapeutics company, is dividing.
The company announced today it has spun out two of its pre-clinical pipeline assets into a new company -- BriaPro Therapeutics Corp.
The two pipeline assets include Bria-TILsRX and protein kinase C delta inhibitors (PKCδ). All of BriaCell's assets are for treating various forms of cancer.
BriaCell shareholders will own one-third of the shares of the new company. BriaCell Therapeutics will remain a publicly traded company, while BriaPro Therapuetics will be an "unlisted reporting issuer in Canada."
The company said it anticipates that the new SpinCo assets will be “majority-owned, controlled, and governed by BriaCell and owned by BriaCell shareholders of record who will receive SpinCo Shares.”
“Housing the SpinCo assets in a new corporate structure would be beneficial to both BriaCell shareholders and SpinCo shareholders as we believe there is significant independent value to be had from these assets,” BriaCell CEO William V. Williams said in a press release in March, when the spinout was first announced.
“Developing them under a separate entity allows us to unlock the development potential of the SpinCo Assets as novel treatments for multiple diseases under a separate balance sheet, allowing for maximizing both entities to maintain their focus, while providing our shareholders the opportunity to own shares in both companies.”
BriaCell is a clinical stage biotechnology company focused on immunotherapies for treating cancer. It has corporate offices in Vancouver and Philadelphia. Its lead drug candidate, Bria-IMT, for treating advanced metastatic breast cancer, is in phase 2 clinical trials.