BriaCell regains Nasdaq compliance with bid price

WEST VANCOUVER, British Columbia-based BriaCell Therapeutics Corp. (NASDAQ:BCTX), a pharmaceutical company specializing in oncology treatments with a current market capitalization of $14.02 million, announced on Wednesday that it has successfully regained compliance with the Nasdaq's minimum bid price requirement. The development follows a previous notification from Nasdaq on August 22, 2024, indicating the company's common shares had fallen below the $1.00 minimum bid price over the prior 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). According to InvestingPro data, the stock has experienced significant volatility, with a beta of 1.87 and a dramatic 92.65% decline over the past year.

On Monday, BriaCell received confirmation from the Nasdaq Stock Market that its common stock had maintained a closing bid price at or above $1.00 per share for a period sufficient to meet Nasdaq's requirement. This milestone effectively resolves the compliance issue, and the case is now considered closed.

BriaCell, initially incorporated under the name Ansell Capital Corp. before undergoing a name change on June 13, 2014, operates within the pharmaceutical preparations industry under the SIC code 2834. InvestingPro analysis reveals the company maintains a current ratio of 1.65 and holds more cash than debt, though it receives a WEAK overall financial health score. The company's headquarters are located at Suite 300 - 235 15th Street, West Vancouver, BC V7T 2X1, with a business phone number of (604) 921-1810.

The announcement was made through a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC) and serves as a testament to the company's efforts to maintain its listing standards and provide value to its shareholders. Based on InvestingPro's Fair Value analysis, the stock currently appears undervalued, though investors should note that 10+ additional ProTips are available to subscribers for deeper insight into the company's prospects. BriaCell's common shares and warrants to purchase common shares continue to be traded on The Nasdaq Stock Market under the ticker symbols BCTX and BCTXW, respectively.

This news is based on a press release statement and reflects the latest operational status of BriaCell as it pertains to its Nasdaq listing.

In other recent news, Briacell Therapeutics has seen a flurry of developments. H.C. Wainwright analyst Emily Bodnar raised the price target for Briacell to $32 from $15, maintaining a Buy rating on the stock. This adjustment comes after the successful Phase 1 trial of Briacell's Bria-OTS, a second-generation immunotherapy for metastatic breast cancer, which showed a patient experiencing resolution of a lung metastasis.

Bria-OTS is a novel personalized treatment, which has the potential to match 99% of the breast cancer population. Despite failing several prior lines of therapy, the first patient treated with Bria-OTS showed stability in other metastatic and organ areas after two months.

Briacell Therapeutics also reported a significant clinical response in the first patient treated with Bria-OTS, marking an encouraging advancement in the treatment of metastatic breast cancer. The Phase 1/2a clinical trial is currently assessing Bria-OTS as a standalone treatment and in combination with an immune checkpoint inhibitor.

In another development, H.C. Wainwright reiterated a Buy rating and a $15.00 price target for Briacell's shares, indicating confidence in the company's innovative technology. Lastly, Briacell announced the resignation of Marc Lustig from its board of directors, a change that took effect recently, as reported in an SEC filing. These are the recent developments for Briacell Therapeutics.

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