All dollar amounts reflected in Canadian dollars unless otherwise stated.
VANCOUVER, British Columbia, Aug. 30, 2024 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. (TSX-V: RKV, the “Company”) a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies announced the financial results for the second quarter ending June 30, 2024, and provides an update to corporate activities.
“We are thrilled by the rapid progress and strategic advancements we’ve made at Rakovina Therapeutics since announcing our collaboration with Prof. Artem Cherkasov and exclusive access to the groundbreaking Deep Docking AI platform. AI has propelled us into an exciting new era of precision medicine, allowing us to screen billions of molecular structures and identify promising candidates for clinical development,” said Executive Chairman Jeffrey Bacha.
“The overwhelming support shown through our successful $2 million private placement and the expansion of our research collaborations with UBC and Pharma Inventor Inc. further solidifies our commitment to pioneering innovative cancer therapies. Together, these milestones bring us closer to our goal of delivering life-changing treatments to patients worldwide,” added Bacha.
2024 Q2 Highlights and Recent Developments
- Earlier this spring, we announced a strategic pivot in our business model that positions Rakovina Therapeutics at the forefront of artificial intelligence-driven (AI) precision medicine through a collaboration with Prof. Artem Cherkasov, which provides us with exclusive access to the proprietary Deep Docking (trademarked) AI platform for DNA-damage response targets. In the past three months, we have evaluated more than 1.5 billion molecular structures against DNA damage response targets as potential lead candidates utilizing the Deep Docking AI platform. This iterative process will eventually screen more than seven billion drug candidates and provide a “short list” of recommended novel small molecule structures for synthesis and validation in our laboratories as potential lead candidates for advancement to human clinical trials in collaboration with pharmaceutical partners.
- On July 26, 2024, we announced the final closing of an over-subscribed non-brokered private placement financing of units priced at $0.10 per unit with each unit consisting of one common share and one common share purchase warrant with an exercise price of $0.20 per warrant and a term of three years for gross proceeds to the Company of $2 million (the “2024 Private Placement”). Each Warrant entitles the holder thereof to subscribe for and purchase one Common Share at a purchase price of $0.20 for a period of three years from the date of issuance. If the closing price for the Common Shares on the TSX Venture Exchange is $0.25 or greater for five consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants, upon written notice to the holder, to the date that is 30 days following such notice.
- On May 8, 2024, we announced the expansion of our collaborations with the University of British Columbia (“UBC”) and our medicinal chemistry partner, Pharma Inventor Inc. The expansion of our research collaborations was initiated to support our AI Drug Discovery Platform. The wet lab infrastructure at UBC combined with the additional medicinal chemistry resources will allow the Company to quickly synthesize and evaluate lead drug candidates identified by the AI platform.
Summary Financial Results for the quarter ended June 30, 2024
For the three and six months ended June 30, 2024, the Company reported a net loss of $820,580 and $1,572,963, respectively. Research and development expenses were $479,785 and $918,768 for the three and six months ended June 30, 2024, respectively.
General and administrative expenses were $276,184 and $527,274 for the three and six months ended June 30, 2024, respectively. Total cash expenses related to research and development and general and administrative expenses for the three and six months ended June 30, 2024, were $605,465 and $1,128,170, respectively.
| Selected Financial Information | As at June 30, 2024 $ |
|
| Cash & cash equivalents | 1,386,372 | |
| Working capital | 932,980 | |
| Intangible assets | 4,247,731 | |
| Total Assets | 6,227,085 | |
| Total liabilities | 2,420,349 | |
| Deficit | (12,498,274 | ) |
| Total equity | 3,806,736 | |
| Statements of net loss and comprehensive loss data: | For the three months ended June 30, 2024 $ |
For the six months ended June 30, 2023 $ |
|||
| Research & Development | 479,785 | 918,768 | |||
| General and Administrative | 276,184 | 527,274 | |||
| Net loss and comprehensive loss | 820,611 | 1,572,963 | |||
| Basic and diluted income (loss) per share | (0.01 | ) | (0.02 | ) | |
| Operating cash burn | 605,465 | 1,128,170 | |||
| Weighted average shares outstanding | 70,709,288 | 70,397,106 | |||
Rakovina Therapeutics’ financial statements as filed with SEDAR can be accessed from the Company’s website at: https://www.rakovinatherapeutics.com/corporate-profile/
Senior management of Rakovina Therapeutics will hold an information and update webinar on Wednesday, Sept. 4, 2024, at 9:30 A.M. Pacific Time/12:30 P.M. Eastern Time. Interested parties may sign up at https://bit.ly/3ACQCxe
About Rakovina Therapeutics Inc.
Rakovina Therapeutics is a biopharmaceutical research company focused on the development of innovative cancer treatments. Our work is based on unique technologies for targeting the DNA-damage response powered by Artificial Intelligence (AI) using the proprietary Deep-Docking™ platform. By using AI, we can review and optimize drug candidates at a much greater pace than ever before.
The Company has established a pipeline of distinctive DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials in collaboration with pharmaceutical partners.
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 proposed business plan of the Company and other statements. 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:
Rakovina Therapeutics Inc.
David Hyman
Chief Financial Officer
info@rakovinatherapeutics.com
Investor Relations and Media Contact:
Ira M. Gostin
Investor Relations
IR@rakovinatherapeutics.com
775-391-0213
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