Rakovina Therapeutics Inc. Reports 2023 Financial Results and Provides Corporate Update

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VANCOUVER, British Columbia, April 26, 2024 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. (TSX-V: RKV, the “Company”), a biopharmaceutical company dedicated to advancing new cancer therapies based on novel DNA response technologies -Damages, announced financial condition, released results for the fourth quarter and fiscal year ended December 31, 2023, and provided a corporate update.

Highlights of 2023 and current developments

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• On March 27, 2024, we announced a cooperation agreement with Dr. Artem Cherkasov, granting Rakovina exclusive access to the proprietary deep docking (trademarked) artificial intelligence (“AI”) platform for DNA damage response targets. Using the deep docking platform based on advanced AI algorithms, Rakovina can quickly analyze billions of molecular structures to assess their potential as targeted cancer drugs. The company then validates the activity using its established R&D infrastructure. This approach is innovative for developing new drug therapies that target vulnerabilities associated with DNA damage responses, which are common in many types of cancer.
• On November 27, 2023, we announced the appointment of Prof. Artem Cherkasov, Senior Scientist at the Vancouver Prostate Center and Canada Research Chair in Precision Cancer Drug Design, to the Scientific Advisory Board of Rakovina Therapeutics.
• On November 20, 2023, we announced the appointment of Prof. Petra Hamerlik, Chair of Translational Neuro-oncology at the University of Manchester and former Head of CNS Cancer Biosciences at AstraZeneca plc, to the Scientific Advisory Board of Rakovina Therapeutics.
• In June 2023, we published a manuscript in the Journal of Clinical Cancer Research reporting the characterization of a lead candidate kt-3000 with dual activity against PARP and HDAC enzymes as a potential treatment for Ewing’s sarcoma and other treatment-resistant cancers.
• On April 19, 2023, we presented new preclinical studies in vitro And In Vivo data demonstrating the potential of our KT-3000 series against treatment-resistant Ewing sarcoma, a rare childhood tumor, at the American Association of Cancer Research (AACR) Annual Meeting.
• On March 30, 2023, we announced the collaboration of Red Cloud Securities and Proactive Investors Nort America Inc as part of our evolving strategy to improve trading liquidity and raise awareness of our development pipeline for next-generation cancer therapies.
• On March 22, 2023, we announced receipt of $122,865 in non-dilutive results from the National Research Council of Canada’s Industrial Research Assistance Program.
• On March 17, 2023, at the EACR-AACR Basic and Translational Research Conference, we presented new preclinical data describing the progress of our lead optimization activities for our novel kt-3000 series.

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Summary financial results for the fourth quarter and year ended December 31, 2023

As of December 31, 2023, the Company had positive working capital of approximately $477,881.

For the three and twelve months ended December 31, 2023, the Company reported a net loss of $722,733 and $2,612,925, respectively. Research and development operating expenses were $419,482 and $1,671,677 for the three and twelve months ended December 31, 2023, respectively. General and administrative expenses were $241,928 and $810,424 for the three and twelve months ended December 31, 2023, respectively. Total cash operating expenses related to research and development and general administrative expenses were $488,414 and $1,816,715 for the three and twelve months ended December 31, 2022, respectively.

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Rakovina Therapeutics’ financial reports filed on SEDAR are available on the Company’s website at https://www.rakovinatherapeutics.com/corporate-profile/.

About Rakovina Therapeutics Inc.

Rakovina Therapeutics Inc. is focused on developing new cancer treatments based on novel DNA damage response technologies. The Company has developed 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 U.S. Food and Drug Administration and similar international regulatory authorities receive agencies. For more information, visit www.rakovinatherapeutics.com.

Further information

The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Note regarding forward-looking statements:

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This press release contains forward-looking statements regarding the Company and its respective businesses, including, without limitation, statements regarding the Company’s proposed business plan and other statements. Forward-looking statements are often, but not always, 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 indicates that certain actions, events or results “may,” “could,” “would,” “could” or “will” be taken. occur or be achieved. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this press release may not occur on certain specified dates or at all and may differ materially due to known and unknown risk factors and uncertainties affecting the Company, including risks related to the medical device industry and economic, regulatory factors Factors affecting stock markets in general 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 the forward-looking statements, there may be other factors that cause the actions, events or results or results differ from those expected. appreciated 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 statements, whether as a result of new information or future events, or otherwise. For a more detailed discussion of all applicable risk factors and their potential impact, the reader is referred to the Company’s most recent filings on SEDAR. Copies thereof may be obtained from the Company’s profile page at www.sedar.com.

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