Rakovina Therapeutics Inc. Announces Q1 2023 Financial Results and Provides Corporate Update

VANCOUVER, British Columbia, May 31, 2023 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV, the “Company”), a biopharmaceutical company dedicated to improving the lives of cancer patients through development of novel DNA-damage response inhibitor therapeutics, announced financial results for the quarter ended March 31, 2023, and provided a corporate update.

Corporate highlights during the past quarter included:

• Presentation of pre-clinical data at the annual meeting of the American Association of Cancer Research (AACR) demonstrating the potential of the Company’s lead kt-3000 dual function DNA-damage response inhibitors as a potential treatment for Ewing sarcoma, a rare childhood tumor;
• Receipt of non-dilutive funding from the National Research Council of Canada Industrial Research Assistance Program; and
• An address by Rakovina Therapeutics president and chief scientific officer at the 6^th Annual DDR-Inhibitors Summit describing the company’s novel DNA-damage response programs.
  

In addition, on May 29, 2023, the Company announced the completion of a non-brokered private placement of unsecured convertible debentures for gross proceeds of approximately $1.5 million.

“Proceeds of our recent private placement, which was largely subscribed for by insiders, provides us with additional capital to build upon our research achievements and accelerate development of our lead kt-3000 series dual function DNA-damage response inhibitors toward human clinical trials”, said Mr. Jeffrey Bacha executive chairman of Rakovina Therapeutics, Inc.    Based on our research results, we believe our kt-3000 dual-function DNA-damage response inhibitors represent a novel approach to combat a range of cancers that fail to respond to treatment or have become resistant to currently available therapies.

About the kt-3000 Series

Rakovina Therapeutics' kt-3000 series is a novel class of DNA-damage response inhibitors designed to selectively inhibit two important anti-cancer targets: poly(ADP) ribose polymerase (PARP) and histone deacetylase (HDAC).  The combination of a PARP inhibitor with an HDAC inhibitor has shown potential synergy in laboratory studies; however, treatment of patients with the combination is associated with significant side effects.  Data presented by Rakovina Therapeutics at recent scientific meetings demonstrate that kt-3000 lead candidates may provide dual-function synergy to benefit patients, while limiting treatment-related side effects.