Rakovina Therapeutics Announces $1.5 million Non-Brokered Private Placement

All monetary figures listed in Canadian Dollars.

VANCOUVER, British Columbia, May 23, 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 the undertaking of a non-brokered Private Placement (the “Offering”) for gross proceeds of up to $1.5 million at a purchase price of $0.10 per Unit. This includes lead orders totalling approximately $1.25 million from two new investors.

Each Unit will be comprised of one (1) common share of Rakovina Therapeutics common share stock and one (1) share purchase warrant at a purchase price of $0.20 for a period of three years (36 months) after the closing date of the Offering. If the closing price for the Common Shares on the TSX Venture Exchange (the “TSXV”) is $0.25 or greater for five consecutive trading days, the expiry date of the Warrant shall be accelerated to the date that is 30 days following the last day of the five-trading day period.

The Company plans to use the proceeds primarily to support research and development activities related to its recently announced Artificial Intelligence (AI) collaboration that provides exclusive access to the proprietary Deep Docking platform for DNA-damage response targets. Over the next 12 to 16 weeks, Rakovina Therapeutics aims to screen over five billion potential drug candidates using this platform. The most promising lead candidates will be further validated in the Company's laboratories at the University of British Columbia. Rakovina Therapeutics intends to advance these validated drug candidates to clinical trials in collaboration with pharmaceutical partners.

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.