Rakovina Therapeutics Inc. Announces Q2 2023 Financial Results and Provides Corporate Update
August 29 2023 - 7:00AM
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 June 30, 2023, and provided a corporate update.
Corporate highlights during the past quarter
included:
- The
publication of a paper in the Journal of Clinical Oncology
describing pre-clinical data for our lead pre-clinical candidate,
kt-3283, demonstrating kt-3283’s potential to treat cancers that
are resistant to first-generation PARP inhibitors. We believe these
data support the potential to address unmet medical needs in the
treatment of a range of treatment-resistant cancers including Ewing
sarcoma, breast cancer, liver cancer, glioblastoma, prostate cancer
and anaplastic thyroid cancer.
-
Completion of a non-brokered private placement of unsecured
convertible debenture units of the Company for aggregate gross
proceeds of $1,514,000. Proceeds will be used for research and
development expenses primarily to advance our lead kt-3000 dual
function DNA-damage response inhibitor program toward human
clinical trials and for general working capital purposes.
- On April
19, 2023, we presented new preclinical 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
annual meeting of the American Association of Cancer Research
(AACR).
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 in the treatment of
treatment-resistant cancers, while limiting treatment-related side
effects.
Summary Financial
Results for the
quarter ended June 30,
2023
For the three and six months ended June 30,
2023, the Company reported a net loss of $601,404 and $1,243,194,
respectively. Research and development expenses were $391,969 and
$825,313 for the three and six months ended June 30, 2023,
respectively. General and administrative expenses were
$193,037 and $405,080 for the three and six months ended June 30,
2023, respectively. Total cash expenses related to research and
development and general and administrative expenses for the three
months ended June 30, 2023 were $425,972.
Selected Financial Information |
As atJune 30,
2023$ |
Cash & cash equivalents |
1,208,701 |
Working capital |
1,458,606 |
Intangible assets |
4,785,309 |
Total assets |
6,389,532 |
Total liabilities |
1,441,180 |
Deficit |
9,555,580 |
Total equity |
4,948,352 |
Statements of
net loss and
comprehensive loss data: |
For the three months ended June
30,2023$ |
|
For the six months ended June
30,2023$ |
|
Research & development |
391,969 |
|
825,313 |
|
General and administrative |
193,037 |
|
405,080 |
|
Net loss and comprehensive loss |
601,404 |
|
1,243,194 |
|
Basic and diluted income (loss) per share |
(0.01 |
) |
(0.02 |
) |
Operating cash burn |
425,972 |
|
898,600 |
|
Weighted average shares outstanding |
69,829,500 |
|
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/
Stock Option Grant
On August 28, 2023, the Company’s board of
directors approved the grant of 1,376,500 stock options to certain
directors, employees, and consultants. The options are exercisable
at $0.15 per share for five years from the grant date and will vest
in equal parts every six months over the next three years.
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.
Additional
Information
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.
Contact:
Rakovina Therapeutics
Inc.David HymanChief Financial OfficerEmail:
info@rakovinatherapeutics.com |
Investor Relations
ContactIR@rakovinatherapeutics.comMedia
ContactMEDIA@rakovinatherapeutics.com |
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