TORONTO and HOUSTON, Jan. 8,
2020 /PRNewswire/ - Medicenna Therapeutics Corp.
("Medicenna" or the "Company") (TSX: MDNA; OTCQB: MDNAF), a
clinical stage immuno-oncology company, announced today that it has
received $1,345,871 from the early
exercise of previously issued warrants. A total of 855,621 warrants
were exercised, with exercise prices ranging from $1.20-$2.00. The
proceeds of the warrant exercises will be used towards the
development of Medicenna's long-acting IL-2 superkine (MDNA19) and
for general and working capital purposes.
"This early exercise of warrants is a clear indicator of the
confidence that investors have in Medicenna and our short and
long-term opportunities," says Fahar
Merchant, President and Chief Executive Officer of
Medicenna. "Combined with our recent oversubscribed financing,
these funds provide us with a robust balance sheet that will see us
through important upcoming milestones, including the completion of
a full MDNA55 data set and subsequent meeting with the FDA, the
ongoing advancement of our best-in-class IL-2 asset MDNA19 and our
ongoing operations into 2021."
The exercises consist of 274,000 warrants priced at $1.20 and expiring December 21, 2023, 526,621 warrants priced at
$1.75 and expiring October 17, 2022, 5,000 warrants priced at
$1.20 and expiring December 21, 2020, 15,000 warrants priced at
$1.30 and expiring October 17, 2021 and 35,000 warrants priced at
$2.00 and expiring April 5, 2021. The number of issued and
outstanding common shares following the exercises is
34,991,097.
About Medicenna Therapeutics Corp.
Medicenna is a
clinical stage immunotherapy company focused on oncology and the
development and commercialization of novel, highly selective
versions of IL-2, IL-4 and IL-13 Superkines and first in class
Empowered Cytokines™ (ECs) for the treatment of a broad range of
cancers. Supported by a US$14.1M
non-dilutive grant from CPRIT (Cancer Prevention and Research
Institute of Texas), Medicenna's lead IL4-EC, MDNA55, has
completed enrolling patients in a Phase 2b clinical trial
for rGBM, the most common and uniformly fatal form of brain cancer,
at top-ranked brain cancer centres in the US. MDNA55 has been
studied in five clinical trials involving 132 patients, including
112 adults with rGBM. MDNA55 has demonstrated compelling efficacy
and has obtained Fast-Track and Orphan Drug status from the FDA and
FDA/EMA respectively. For more information, please
visit www.medicenna.com.
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, that the early
exercise of warrants is a clear indicator of the confidence that
investors have in Medicenna and our short and long-term
opportunities, that our funds on hand provide us with a robust
balance sheet that will see us through important upcoming
milestones, that our IL-2 asset MDNA19 is best-in-class and the
future plans and objectives of the Company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include the risks detailed in the annual information form of the
Company dated June 24, 2019 and in
other filings made by the Company with the applicable securities
regulators from time to time.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information (including, without
limitation, the ability of the Company to fully replicate these
interim data results) may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements only as expressly required by
Canadian securities law.
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SOURCE Medicenna Therapeutics Corp.