BriaCell Therapeutics Corp. (NASDAQ:BCTX) stock plunged on Wednesday after rallying on Tuesday on positive data from a breast cancer trial.
This small biotechnology company, focused on cancer, has a market capitalization of approximately $20.57 million, according to data from Benzinga Pro.
Capital Raise
During after-hours trading on Tuesday, BriaCell Therapeutics priced its public offering of $30 million.
The clinical-stage biotechnology company focused on cancer immunotherapies priced 5.37 million units at $5.59 per unit.
Each unit consists of one common share (or pre-funded warrant (“Pre-Funded Warrant”) in lieu thereof) and one warrant.
Each warrant has an exercise price of $6.93 per share.
Trial Data
BriaCell on Tuesday announced the durable and sustained complete resolution of a lung metastasis in a patient with metastatic breast cancer (MBC) treated with Bria-OTS. The patient is hormone receptor-positive (HR+), HER2-negative.
Bria-OTS is an off-the-shelf personalized immunotherapy based on BriaCell’s lead candidate Bria-IMT, currently being evaluated in a Phase 1/2a study for metastatic recurrent breast cancer.
The trial includes both monotherapy dose escalation and checkpoint inhibitor combination dose expansion cohorts. The company has recently entered the dose expansion phase.
The first patient enrolled in the Bria-OTS study, a 78-year-old woman with advanced metastatic breast cancer and multiple prior treatment failures, achieved complete (100%) resolution of a lung metastasis following four doses of Bria-OTS single-agent therapy.
The complete response, initially observed at 2 months, was subsequently confirmed at 4 months, 6 months, and now at 11 months.
The patient received 17 cycles of Bria-OTS, completed 12 months of the study, and remains in survival follow-up.
What’s Next
The Phase 1 dose escalation portion of the study is complete, and the Phase 2a portion, evaluating a combination of Bria-OTS with an immune checkpoint inhibitor, is now underway.
BCTX Price Action: BriaCell Therapeutics shares were down 53.75% at $5.05 during premarket trading on Wednesday. The stock is trading at a new 52-week low, according to Benzinga Pro data.
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