VANCOUVER, British Columbia, Nov. 29, 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 third quarter ending September 30, 2024 and provides an update to corporate activities.
“I couldn’t be more proud of the Rakovina Therapeutics team and the remarkable progress we’ve made together in 2024,” said Executive Chairman Jeffrey Bacha. “Artificial intelligence is no longer just the future of drug development—it’s the reality we’re building today. We are privileged to have world-class experts driving the integration of cutting-edge AI with our laboratory infrastructure at the University of British Columbia. What we’ve accomplished so far is just the beginning—a glimpse of what’s possible as we advance our innovative cancer therapy platform.
The overwhelming support from our investors, exemplified by the upsized investment offering announced this week, is both humbling and deeply motivating. These additional funds will play a critical role in unlocking the transformative opportunities that await us in 2025 as we continue our mission to develop life-changing treatments for cancer patients,” he added.
2024 Q3 Highlights and Recent Developments: Rakovina continues to hit 2024 milestones
- On September 17, 2024, we broadened our capabilities in AI through a collaboration with Variational AI. This partnership grants Rakovina exclusive rights to compounds generated by Variational’s Enki™ platform, specifically tailored to selected target product profiles, along with an option to license validated drug candidates for further development. The Enki™ platform will provide novel inhibitors of specific DDR kinase targets identified by Rakovina Therapeutics. Our team will synthesize and assess the potential of these candidates as cancer therapies at our state-of-the-art laboratories at the University of British Columbia. By combining Variational AI’s expertise in kinase drug discovery with our focus on DDR pathways, we aim to enhance partnering opportunities, particularly as ‘big pharma’ continues to prioritize innovative therapies targeting these critical pathways.
- On October 23, 2024, we announced receipt of the initial results from the proprietary Deep Docking AI platform. The Deep Docking algorithm was able to evaluate billions of molecular structures to develop a short-list of drug candidates that have been optimized to a specific target-product profile. With the AI platform, results were achieved in less than five months – a feat not capable through traditional methods of discovery. The selected drug candidates will be synthesized for validation in Rakovina Therapeutics’ laboratories at the University of British Columbia during the coming months with the goal of advancing a best-in-class DDR drug candidate to human clinical trials in collaboration with pharmaceutical company partners.
- In October and November 2024, we had the privilege of presenting our latest research from our PARP1/2 inhibitor KT-3000 program and our AI-driven drug discovery initiatives at two prestigious conferences. At the EORTC-NCI-AACR Symposium in Spain, we highlighted innovative findings from the KT-3000 series, a promising class of PARP1/2 inhibitors. And at the 29th Annual Meeting of the Society for Neuro-Oncology (SNO), we presented compelling data on a shortlist of targeted therapies identified through our Deep Docking AI platform. Notably, early studies suggest that these PARP inhibitor compounds have the potential to cross the blood-brain barrier—an achievement that positions them as significant candidates for advancing treatments in areas of critical unmet need, including neurological cancers.
- On November 27, 2024 we announced a non-brokered private placement financing of units priced at $0.06 per unit with each unit consisting of one common share and one common share purchase warrant with an exercise price of $0.10 per warrant and a term of two years for gross proceeds to the Company of $1.25 Million (the “Offering”).
- On November 28, 2024 we announced that due to high investor demand, the Offering would be increased to $2.5 Million (subject to exchange approval).
Summary of Financial Results for the quarter ended September 30, 2024
For the three and nine months ended September 30, 2024, the Company reported a net loss of $1,015,667 and $2,588,630 respectively. Research and development expenses were $678,299 and $1,597,067 for the three and nine months ended September 30, 2024, respectively. General and administrative expenses were $268,909 and $796,183 for the three and nine months ended September 30, 2024, respectively. Total cash expenses related to research and development and general and administrative expenses for the three and nine months ended September 30, 2024 were $793,867 and $1,922,037, respectively.
| Selected Financial Information | As at September 30, 2024 $ |
|||
| Cash & cash equivalents | 255,049 | |||
| Working capital | 358,060 | |||
| Intangible assets | 4,112,602 | |||
| Total Assets | 5,308,181 | |||
| Total liabilities | 2,233,687 | |||
| Deficit | (13,513,941 | ) | ||
| Total equity | 3,074,494 |
| Statements of net loss and comprehensive loss data: | For the nine months ended September 30, 2024 $ |
For the nine months ended September 30, 2023 $ |
||
| Research & Development | 1,597,067 | 1,252,165 | ||
| General and Administrative | 796,183 | 568,496 | ||
| Net loss and comprehensive loss | 2,588,630 | 1,890,162 | ||
| Basic and diluted income (loss) per share | (0.03 | ) | (0.03 | ) |
| Operating cash burn | 1,922,037 | 1,328,271 | ||
| Weighted average shares outstanding | 76,660,137 | 69,829,500 | ||
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 December 4, 2024 at 3 P.M. Pacific Time/ 6 P.M. Eastern Time. Interested parties may sign up at https://bit.ly/rakovina-q3.
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.
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