Rakovina Therapeutics Inc. Announces Third Quarter 2021 Financial Results and Provides Corporate Update

VANCOUVER, British Columbia, Nov. 23, 2021 (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 today announced the financial results for its fiscal third quarter ending September 30, 2021 and provided a corporate update.

Fiscal Third Quarter Highlights and Recent Developments

• Lead optimization research related to the development of our kt-2000, kt-3000, and kt-4000 series compounds is being conducted by a dedicated team in collaboration with the University of British Columbia. We have established proprietary target product profiles for each series, benchmarked against FDA-approved cancer therapies. Select compounds are being advanced to preliminary in vivo pharmacokinetic and toxicity studies.
• On October 7, 2021, we announced notice of allowance for new patent claims covering our kt-2000 series in the United States. This follows allowance of patent claims in Canada and the European Union announced earlier this year.
• We have presented pre-clinical research results with our kt-3000 drug candidates peer reviewed scientific meetings including the JCA-AACR Precision Medicine International Conference (Sept 2021); the AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics (Oct. 2021) and the Canadian Cancer Research Alliance (Nov. 2021). These data demonstrate that that kt-3000 series drug candidates maintain potency against BRCA-wild type cell lines in vitro where a benchmark FDA-approved PARP inhibitor exhibits significantly reduced activity.
• On November 16, 2021, we announced that Rakovina Therapeutics had been selected to join a three year US$975,000 (CDN1,297,000) research program funded by the St. Baldrick’s Foundation Martha’s BEST Grant for All, which is aimed at developing new treatments for Ewing sarcoma, an aggressive bone and soft tissue cancer in children and young adults. We will supply test compounds and support the project with technical personnel. Funding from the St. Baldrick’s Foundation will support pre-clinical IND-enabling research conducted at the University of British Columbia over the next 12 months.

On November 17, 2021, we issued 210,000 options to members of the Company’s research team. Each option is exercisable for five (5) years at a price of CDN0.24 per share.