Dr. William Williams reports

BRIACELL CLOSES $4 MILLION STRATEGIC INVESTMENT BY PREVAIL PARTNERS, LLC AT US$8.63 PER SHARE

Briacell Therapeutics Corp. has completed the previously-announced strategic investment by Prevail Partners LLC in the company, in accordance with a stock purchase agreement entered into between the company and Prevail Partners on May 12, 2023. Pursuant to the agreement, the company issued 463,408 common shares to Prevail Partners at a price per share of $8.63 (U.S.) for aggregate gross proceeds of $4-million (U.S.).

"Contract research organizations (CROs) typically do not invest in small biotech companies. Prevail Partner's significant investment in Briacell is a remarkable sign of confidence in our clinical plans and objectives," stated Dr. William V. Williams, Briacell's president and chief executive officer. "Our top priority remains to bring our novel therapeutic to advanced breast cancer patients who have failed other treatments and/or are unable to tolerate the harsh side effects of other drugs, and we believe Prevail is the right partner for us to achieve this goal."

The company received conditional approval from the Toronto Stock Exchange on May 18, 2023. The issuance remains subject to customary postclose filings with the TSX. The company intends to use the proceeds from the investment for contract research organization (CRO) clinical services and technologies for its upcoming pivotal study in advanced metastatic breast cancer. The services, provided by Prevail Partners' affiliate, Prevail InfoWorks Inc., include clinical site co-ordination, project management, clinical monitoring and pharmacovigilance (safety management) services, and the use of InfoWork's integrated real-time data analytics platform, The Single Interface, for clinical support and real-time data analysis.

The shares are subject to applicable United States and Canadian resale restrictions, including a statutory hold period under Canadian securities laws of four months and one day from the closing date.

About Briacell Therapeutics Corp.

Briacell is an immuno-oncology-focused biotechnology company developing targeted and effective approaches for the management of cancer.

About Prevail Partners LLC

Prevail Partners is a corporate strategic investment fund investing in clinical-stage therapeutics companies.

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