BriaCell receives Nasdaq non-compliance notice

BriaCell Therapeutics Corp. (NASDAQ:BCTX), a biotechnology company specializing in pharmaceutical preparations, disclosed on Thursday that it has been notified by the Nasdaq Stock Market of a non-compliance issue due to its share price falling below the minimum bid price requirement. The company has until February 18, 2025, to address the deficiency and maintain its listing on the Nasdaq Capital Market.

The notice, which BriaCell received on Wednesday, states that the company's common shares have been trading below the $1.00 minimum bid for the last 30 consecutive business days, as per Nasdaq Listing Rule 5550(a)(2). Despite the warning, BriaCell's common shares will continue to trade on the Nasdaq under the ticker symbol "BCTX" and on the Toronto Stock Exchange under "BCT."

To regain compliance, the company's share price must close at $1.00 or higher for at least ten consecutive business days before the February deadline. If BriaCell fails to meet this requirement, it may be granted an additional 180-day period to achieve compliance, potentially through a reverse stock split.

In other recent news, BriaCell Therapeutics Corp. reported significant results from a Phase 2 study of its Bria-IMT regimen, which resulted in a considerable increase in progression-free survival for a patient with metastatic breast cancer resistant to conventional therapies.

The patient, previously unsuccessful with eight different treatments, achieved a progression-free survival of 9.1 months, a substantial improvement compared to similar studies.

In a separate development, BriaCell announced a partnership with BeiGene (NASDAQ:BGNE), Ltd. to initiate a clinical trial for a new cancer treatment. The study will evaluate the safety and efficacy of Bria-OTS, BriaCell's novel immunotherapy, in combination with BeiGene's anti-PD-1 antibody, tislelizumab, specifically targeting advanced, heavily pretreated metastatic breast cancer.

InvestingPro Insights

BriaCell Therapeutics Corp. (NASDAQ:BCTX) has been facing challenges with its share price, which is reflected in the real-time data and InvestingPro Tips. With a market cap of $15.82M and a previous close at $0.82, the company's stock price is below the Nasdaq's minimum bid requirement. The volatility of BCTX is evident, with significant returns over the last week of 46.59%, yet a substantial year-to-date price total return drop of -85.98%. This volatility is further underscored by the InvestingPro Tips, which highlight the company's weak gross profit margins and the fact that its short-term obligations exceed its liquid assets.

The InvestingPro Tips also note that BCTX does not pay a dividend, which might be relevant for income-focused investors. Additionally, the company has not been profitable over the last twelve months, which could be a concern for those looking at the company's earnings performance. For investors seeking a deeper analysis, there are additional InvestingPro Tips available that provide further insights into BCTX's financial health and stock performance.

Investors considering BCTX will find these metrics and tips useful in making informed decisions. With the next earnings date slated for October 25, 2024, market watchers will be keen to see if the company's efforts to regain compliance with Nasdaq's listing requirements will bear fruit. For those interested in a comprehensive set of tips, including the ones mentioned, they can explore further on InvestingPro, where a total of 10 tips are listed to help guide investment decisions.

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