11:36 AM EDT, 05/15/2024 (MT Newswires) -- BriaCell Therapeutics ( BCTX ) shares were slumping about 10% in recent US trading on Wednesday after the immunotherapy company said it priced a private placement of slightly more than 2.4 million of its common shares at $2 to $2.215 each for gross proceeds of about $5 million.

The company said the $2 purchase price per share is for the healthcare-focused institutional investors while the $2.215 is for a certain existing investor and a director of the company. The five-year warrants to buy an equal number of additional shares are exercisable at $2.11 apiece beginning in six months after the deal closes on or about Friday, BriaCell said.

The company said it will use the net proceeds for working capital and funding general corporate purposes, which could include research and development, late-stage clinical studies, legal work to protect its intellectual property and repurchasing outstanding stock or warrant.

Price: 1.90, Change: -0.21, Percent Change: -9.95