On November 27, 2024 Rakovina Therapeutics Inc. (TSX-V: RKV, the "Company" or "Rakovina Therapeutics"), a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies, reported a non-brokered private placement offering (the "Offering") of up to $1.25 million (Press release, Rakovina Therapeutics, NOV 27, 2024, View Source;utm_medium=rss&utm_campaign=rakovina-therapeutics-announces-private-placement-offering [SID1234648695]).
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The Company has received initial commitments totaling over $800,000 from strategic investors in connection with the Offering.
The Offering is structured as units priced at $0.06 each, with each unit consisting of one common share and one warrant to purchase a common share. Each warrant entitles the holder to purchase one additional common share at a price of $0.10 per share, exercisable for a period of 24 months. Rakovina retains the right to accelerate the warrant exercise period if the 20-day volume-weighted average price of its shares exceeds $0.30.
The Company plans to use the proceeds to continue the discovery and advancement of novel cancer treatments by leveraging collaborations with two proprietary Artificial Intelligence (AI) platforms: the Deep Docking AI platform and the Variational AI Enki Platform. The Company also plans to continue the development of its kt-3000 series through collaborations and partnerships with biotech and pharma companies.
"We are deeply grateful to our investors—both long-standing and new—whose confidence reinforces the promise of our development efforts," said Jeffrey Bacha, Executive Chairman of Rakovina Therapeutics. "Our recent data demonstrates that the Deep Docking AI platform has delivered on its objective, generating a focused shortlist of potential best-in-class PARP-1 inhibitor candidates capable of crossing the blood-brain barrier. The next critical step is validating these promising candidates using our wet-lab infrastructure at the University of British Columbia while advancing work on our next target. This financing provides the additional resources necessary to achieve these goals."
The Units will be sold on a non-brokered "private placement" basis by qualified finders in accordance with applicable Canadian securities laws and under applicable exemptions from prospectus and registration requirements, and the securities will be subject to resale restrictions for a period of four months plus one day from the date of issue.