Fiscal Third Quarter Highlights and Recent Developments
- Lead optimization research related to the development of our kt-2000, kt-3000, and kt-4000 series compounds is being conducted by a dedicated team in collaboration with the
University of British Columbia . We have established proprietary target product profiles for each series, benchmarked against FDA-approved cancer therapies. Select compounds are being advanced to preliminary in vivo pharmacokinetic and toxicity studies. - On
October 7, 2021 , we announced notice of allowance for new patent claims covering our kt-2000 series inthe United States . This follows allowance of patent claims inCanada and theEuropean Union announced earlier this year. - We have presented pre-clinical research results with our kt-3000 drug candidates peer reviewed scientific meetings including the
JCA-AACR Precision Medicine International Conference (Sept 2021 ); theAACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics (Oct. 2021 ) and theCanadian Cancer Research Alliance (Nov. 2021 ). These data demonstrate that that kt-3000 series drug candidates maintain potency against BRCA-wild type cell lines in vitro where a benchmark FDA-approved PARP inhibitor exhibits significantly reduced activity. - On
November 16, 2021 , we announced thatRakovina Therapeutics had been selected to join a three yearUS$975,000 (CDN1,297,000 ) research program funded by the St. Baldrick’s Foundation Martha’s BEST Grant for All, which is aimed at developing new treatments for Ewing sarcoma, an aggressive bone and soft tissue cancer in children and young adults. We will supply test compounds and support the project with technical personnel. Funding from the St. Baldrick’s Foundation will support pre-clinical IND-enabling research conducted at theUniversity of British Columbia over the next 12 months.
On
The Company also announced the transition of Dr.
Summary Financial Results for Quarter Ended
The Company commenced operations on
For the three months ending
Selected Financial Information | As at $ |
Cash & cash equivalents | 3,260,154 |
Working capital | 3,485,394 |
Intangible assets | 5,772,398 |
Total Assets | 9,397,318 |
Total liabilities | 188,986 |
Deficit | (4,769,779) |
Total equity | 9,208,322 |
Statements of net loss and comprehensive loss data: | For the three months ended $ |
Research & Development | 509,995 |
General and administrative | 229,281 |
Net loss and comprehensive loss | 737,352 |
Basic and diluted income (loss) per share | (0.01) |
Operating cash burn | 462,942 |
Weighted average shares outstanding | 69,808,000 |
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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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:
Chief Financial Officer Email: info@rakovinatherapeutics.com | Investor Relations Contact IR@rakovinatherapeutics.com Media Contact MEDIA@rakovinatherapeutics.com |
Source:
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