Rakovina Therapeutics Announces 2024 Q1 Financial Results and Provides Corporate Update
30 Maggio 2024 - 11:52PM
Rakovina Therapeutics Inc. (TSX.V: RKV), (the
“Company”) a biopharmaceutical company committed to advancing new
cancer therapies based on novel DNA-damage response technologies
announced the financial results for the first quarter of 2024
ending March 31, and provides an update to corporate activities.
“This year has started with significant changes for Rakovina
Therapeutics in the most positive sense,” said Executive Chairman
Jeffrey Bacha. “Our strategic shift to include AI in our drug
developments, additions to the scientific team and expansion of our
research collaborations all position Rakovina Therapeutics to
successfully achieve our goal of improving the lives of patients
with cancer.”
Q1 2024 Financial Highlights
- For the three months ended March 31, 2024 the Company reported
a net loss of $752,383, inline with Company estimates.
- Research and development operating expenses were $438,983 and
general and administrative expenses were $251,090.
- Total cash operating expenses related to research and
development and general and administrative expenses for the three
months ended March 31, 2024 were $522,705.
Recent Corporate Highlights
- On March 27, 2024, we announced a
collaboration agreement with Dr. Artem Cherkasov granting Rakovina
Therapeutics exclusive access to the proprietary Deep Docking
(trademarked) artificial intelligence (“AI”) Platform for
DNA-damage response targets. Using the Deep Docking platform
Rakovina Therapeutics is analyzing billions of molecular structures
to evaluate their potential as targeted cancer drugs. The Company
plans to validate the activity of the most promising candidates
using its established research and development infrastructure at
the University of British Columbia. Rakovina Therapeutics intends
to advance validated drug candidates to human clinical trials in
collaboration with pharmaceutical partners.
- On May 8, 2024, we announced the expansion of contracts with
the University of British Columbia (“UBC”) and Pharma Inventor Inc.
to support the Company’s Deep Docking AI Drug Discovery Platform.
The wet lab infrastructure at UBC combined with the medicinal
chemistry expertise will allow the Company to quickly synthesize
and evaluate lead drug candidates identified by the AI
platform.
- On May 23, 2024, the Company announced 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 which
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 $0.25 or greater for five consecutive trading days,
the expiry date of the Warrant shall be accelerated to the date
that is 30 days following the last day of the five-trading day
period.
The Company plans to use the proceeds primarily to support
research and development activities related to its recently
announced Artificial Intelligence (AI) collaboration that provides
exclusive access to the proprietary Deep Docking platform for
DNA-damage response targets.
Summary Financial Results for the quarter ended March
31, 2024
Selected Financial Information |
As at March 31,
2024$ |
|
Cash & cash equivalents |
177,188 |
|
Working capital |
(87,183) |
|
Intangible assets |
4,381,391 |
|
Total Assets |
4,608,212 |
|
Total liabilities |
1,667,051 |
|
Deficit |
(11,667,694) |
|
Total equity |
2,941,161 |
|
Statements of net loss and comprehensive loss
data: |
For the three months ended March 31,
2024$ |
For the three months ended March 31,
2023$ |
Research & Development |
438,983 |
|
433,344 |
|
General and Administrative |
251,090 |
|
212,043 |
|
Net loss and comprehensive loss |
(752,383 |
) |
(641,790 |
) |
Basic and diluted income (loss) per share |
(0.01 |
) |
(0.01 |
) |
Operating cash burn |
522,705 |
|
472,628 |
|
Weighted average shares outstanding |
70,084,925 |
|
69,829,500 |
|
|
|
|
|
|
Further to the Company’s press release on April 1, 2024, the
Company wishes to clarify that the capital market advisory services
agreement entered into with Insight Capital Partners Inc. (“ICP”)
also includes a separate market making services agreement with ICP
Securities Inc. (“ICP Securities”). ICP Securities provides market
making services to the Company, and ICP Securities receives a fee
of $7,500 plus applicable taxes per month. The market making
services agreement between the company and ICP Securities is for a
term of three months commencing on March 25, 2024, and may continue
on a month-to-month basis. ICP is acting as a collection agent
on behalf of ICP Securities.
Rakovina Therapeutics’ financial statements as filed with SEDAR
can be accessed from the Company’s website
at: https://www.rakovinatherapeutics.com/corporate-profile/
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.
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.
For Further Information Contact:David Hyman,
Chief Financial Officerinfo@rakovinatehrapeutics.com
Invest Relations & MediaIra M.
Gostinir@rakovinatherapeutics.com775-391-0213
Grafico Azioni Rakovina Therapeutics (TSXV:RKV)
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