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TICKERS: BCTX

Biotech Announces New Responder in Breast Cancer Trail
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Recently, BriaCell Therapeutics Corp. announced a new exceptional responder in its Phase 2 study evaluating the company's off-the-shelf personalized immunotherapy, noted H.C. Wainwright analyst Emily Bodnar.

BriaCell Therapeutics Corp. (BCTX:NASDAQ;BCT:TSX.V) announced a new exceptional responder in its Phase 2 study evaluating Bria-IMT, the company's off-the-shelf personalized immunotherapy, plus retifanlimab in advanced breast cancer, noted H.C. Wainwright analyst Emily Bodnar in a November 30 report.

The heavily pretreated patient achieved significant tumor reduction and pain relief after three treatment cycles. Bodnar believes this showcases Bria-IMT's systemic efficacy and ability to cross the blood-brain barrier.

Additional Data Update Coming at Medical Conference

At next week's San Antonio Breast Cancer Symposium, BriaCell will present updated Bria-IMT combo data and survival analysis.

With a Phase 3 trial now underway and prior data showing extended overall survival, the analyst sees opportunities for long-term value creation.

New Responder Further Validates Immunotherapy Approach

The latest responder adds to a growing body of data supporting Bria-IMT's potential to stimulate an immune response against advanced, resistant tumors when combined with checkpoint inhibitors.

Of 46 evaluable patients in earlier testing, the Bria-IMT regimen demonstrated a 13.5-month median overall survival, comparing favorably to available treatments. The new patient's impressive response provides further clinical validation.

Commercial Potential in Large Market

H.C. Wainwright's Buy thesis and US$18 price target on BriaCell are underpinned by projected commercial uptake of the Bria-IMT combo in later-line metastatic breast cancer. With Bria-IMT showing the ability to overcome prior treatment resistance, the analyst sees peak sales potential in the billions.

Additional combinations in other cancer indications, along with an emerging pipeline of candidates, provide further upside potential if clinically successful.


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Disclosures for H.C. Wainwright & Co., BriaCell Therapeutics Corp., November 30, 2023

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet.

H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility.

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer.

I, Emily Bodnar , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of BriaCell Therapeutics Corp. (including, without limitation, any option, right, warrant, future, long or short position).

As of October 31, 2023 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of BriaCell Therapeutics Corp..

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did not receive compensation from BriaCell Therapeutics Corp. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in BriaCell Therapeutics Corp. as of the date of this research report. '

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