VANCOUVER, British Columbia, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV, the “Company” or “Rakovina Therapeutics”) a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies is pleased to announce a non-brokered private placement offering (the “Offering”) of up to $1.25 million.
The Company has received initial commitments totaling over $800,000 from strategic investors in connection with the Offering.
The Offering is structured as units priced at $0.06 each, with each unit consisting of one common share and one warrant to purchase a common share. Each warrant entitles the holder to purchase one additional common share at a price of $0.10 per share, exercisable for a period of 24 months. Rakovina retains the right to accelerate the warrant exercise period if the 20-day volume-weighted average price of its shares exceeds $0.30 cents.
The Company plans to use the proceeds to continue the discovery and advancement of novel cancer treatments by leveraging collaborations with two proprietary Artificial Intelligence (AI) platforms: the Deep Docking™ AI platform and the Variational AI Enki™ Platform. The Company also plans to continue the development of its kt-3000 series through collaborations and partnerships with biotech and pharma companies.
"We are deeply grateful to our investors—both long-standing and new—whose confidence reinforces the promise of our development efforts,” said Jeffrey Bacha, Executive Chairman of Rakovina Therapeutics. “Our recent data demonstrates that the Deep Docking AI platform has delivered on its objective, generating a focused shortlist of potential best-in-class PARP-1 inhibitor candidates capable of crossing the blood-brain barrier. The next critical step is validating these promising candidates using our wet-lab infrastructure at the University of British Columbia while advancing work on our next target. This financing provides the additional resources necessary to achieve these goals."
The Units will be sold on a non-brokered “private placement” basis in accordance with applicable Canadian securities laws and under applicable exemptions from prospectus and registration requirements and the securities will be subject to resale restrictions for a period of four months plus one day from the date of issue.
About Rakovina Therapeutics Inc.
Rakovina Therapeutics Inc. is focused on the development of new cancer treatments based on novel DNA-damage response technologies. The Company has established a pipeline of novel DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials and obtaining marketing approval for new cancer therapeutics from Health Canada, the United States Food and Drug Administration and similar international regulatory agencies. Further information may be found at www.rakovinatherapeutics.com.
The TSXV has neither approved nor disapproved the content of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements:
This release includes forward-looking statements regarding the Company and its respective business, which may include, but is not limited to, statements with respect to the terms of the private placement, the closing of the private placement, the investors who will participate in the private placement, the proposed business plan of the Company; the Company’s commitment to advancing new cancer therapies; the ability of the Company to extract value from the Deep Docking AI platform; the Company’s ability to execute on its business plans while maintaining high standards of research; the ability of Pharma Inventor Inc. to accurately provide medicinal chemistry support; the projected timeline and effectiveness of the Company’s strategy to utilize the Deep Docking AI platform; and the Company’s ability to generate shareholder value. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of the Company. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, economic factors, regulatory factors, the equity markets generally and risks associated with growth and competition.
Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The reader is referred to the Company’s most recent filings on SEDAR for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company’s profile page at www.sedar.com.
For Further Information Contact:
David Hyman, Chief Financial Officer info@rakovinatherapeutics.com
Invest Relations & Media
Michelle Seltenrich
ir@rakovinatherapeutics.com
778-773-5432
