Edison Oncology Partners DNA-damage Response Inhibitor Program with Rakovina Therapeutics

On March 31, 2021 Edison Oncology Holding Corp. ("Edison Oncology"), a company established to develop and commercialize new therapies targeting the fight against cancer, reported that it has transferred certain worldwide rights to novel DNA-damage response (DDR) inhibitors, including its EO2000 series PARP Inhibitor Program Technology, to Rakovina Therapeutics Inc. ("Rakovina", TSX-V: RKV) (Press release, Edison Oncology, MAR 31, 2021, View Source [SID1234577472]).

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In exchange for transferring these rights, Edison Oncology has been issued common shares representing approximately 43% of the outstanding shares of Rakovina. Edison Oncology’s ownership in Rakovina is held by NewGen Therapeutics, Inc. a wholly-owned subsidiary of Edison Oncology.

"We are pleased to work with the Rakovina Therapeutics team to establish this new company that will seek to develop new cancer treatments based on novel DNA-damage response technologies", said Mr. Jeffrey Bacha, Edison Oncology’s chief executive officer. "Edison Oncology and its shareholders will benefit by virtue of our substantial ownership, which will provide opportunities for significant value creation as Rakovina advances its pipeline toward human clinical trials."

As a result of this transaction, Dennis Brown, Ph.D., Edison Oncology’s chairman and Jeffrey Bacha, Edison Oncology’s chief executive officer have been appointed to Rakovina’s Board of Directors. Mr. Bacha has been appointed Rakovina’s executive chairman.

Rakovina was capitalized through a private placement financing and will conduct lead optimization research under a collaboration agreement with the University of British Columbia. Rakovina’s common shares are expected to begin trading as a Tier 2 Issuer on the TSX Venture Exchange under the symbol "RKV" on or about Thursday, April 1, 2021.