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 theAmerican Association of Cancer Research (AACR).
About the kt-3000 Series
Summary Financial Results for the quarter ended
For the three and six months ended
Selected Financial Information | As at $ |
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 2023 $ | For the six months ended 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/
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About Rakovina Therapeutics Inc.
Additional Information
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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. Chief Financial Officer Email: info@rakovinatherapeutics.com | Investor Relations Contact IR@rakovinatherapeutics.com Media Contact MEDIA@rakovinatherapeutics.com |
Source:
2023 GlobeNewswire, Inc., source