On January 8, 2020 Medicenna Therapeutics Corp. ("Medicenna" or the "Company") (TSX: MDNA;OTCQB: MDNAF), a clinical stage immuno-oncology company, reported that it has received $1,345,871 from the early exercise of previously issued warrants (Press release, Medicenna Therapeutics, JAN 8, 2020, View Source [SID1234552875]). 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.
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"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.