TORONTO and HOUSTON - Medicenna Therapeutics Corp. ('Medicenna' or 'the Company') (NASDAQ: MDNA TSX: MDNA), a clinical stage immuno-oncology company, announced its financial results and operational highlights for the quarter ended June 30, 2021. All dollar amounts are expressed in Canadian currency unless otherwise noted. 'We are off to a strong start in fiscal 2022 and well positioned for continued success with a steady frequency of value creating milestones expected over the coming year,' said Fahar Merchant, PhD, President and CEO of Medicenna. 'We are on track to initiate our Phase 1/2 ABILITY Study of MDNA11 in calendar Q3. We believe MDNA11's 'beta-only' IL-2 receptor selectivity provides clear differentiation compared to the 'pegylated not-alpha' IL-2 agents currently in the clinic. We aim to clinically demonstrate MDNA11's best-in-class potential through the ABILITY Study and look forward to providing a preliminary update on safety, PK/PD, and biomarker data by calendar year-end with preliminary efficacy readouts expected over the course of calendar 2022.' Dr. Merchant continued, 'Beyond MDNA11, we remain in active discussions in pursuit of a partnership for MDNA55 and continue to leverage the power of our Superkine and BiSKITsTM platforms to advance the development of additional cytokinebased immunotherapies. With funding through the end of 2022, we are well positioned to ensure the continued advancement of these programs and our ABILITY Study, which in turn should allow us to generate value for patients and shareholders.'

About Medicenna

Medicenna is a clinical stage immunotherapy company focused on the development of novel, highly selective versions of IL-2, IL-4 and IL-13 Superkines and first in class Empowered Superkines for the treatment of a broad range of cancers. Medicenna's long-acting IL-2 Superkine asset, MDNA11, is a next-generation IL-2 with potentially superior CD122 binding without CD25 affinity thereby preferentially stimulating cancer killing effector T cells and NK cells unlike competing IL-2 programs. Medicenna's early-stage BiSKITs program, (Bifunctional SuperKine ImmunoTherapies) is designed to further enhance the ability of Superkines to treat immunologically 'cold' tumors. Medicenna's lead IL4 Empowered Superkine, MDNA55, has completed a Phase 2b clinical trial for rGBM, the most common and uniformly fatal form of brain cancer. MDNA55 has been studied in five clinical trials involving 132 subjects, including 112 adults with rGBM. MDNA55 has obtained Fast-Track and Orphan Drug status from the FDA and FDA/EMA, respectively.

Forward-Looking Statement This news release contains forward-looking statements within the meaning of applicable securities laws and relate to the future operations of the Company and other statements that are not historical facts including statements related to the enrollment, expansion and timing of results for its Phase 1/2 ABILITY Study and its timeline, design and expansion, the clinical potential of MDNA11, the clinical potential and development of the BiSKITs program and its timeline, partnering discussions around MDNA55 and timeline for a potential transaction, the Company's current cash position and additional potential funding needs and the timing of such needs and the Company's general growth opportunities and potential. Forward-looking statements are often identified by terms such as 'will', 'may', 'should', 'anticipate', 'expects', 'believes', 'seeks' and similar expressions. All statements other than statements of historical fact, included in this release, including the future plans and objectives of the Company, are forward-looking statements that are subject to 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 and Form 40-F of the Company and in other filings made by the Company with the applicable securities regulators from time to time in Canada and the United States. The reader is cautioned that assumptions used in the preparation of any forward-looking information 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, 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. Except as required by law, we do not intend and do not assume any obligation to update or revise publicly any of the included forward-looking statements.

Contact:

Dan Ferry

Managing Director

LifeSci Advisors

T: 617-430-7576

E: daniel@lifesciadvisors.com

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