VANCOUVER, British Columbia, Nov. 29, 2024 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. (TSX-V: RKV, the Firm) a biopharmaceutical firm dedicated to advancing new most cancers therapies primarily based on novel DNA-damage response applied sciences introduced the monetary outcomes for the third quarter ending September 30, 2024 and offers an replace to company actions.
I could not be extra pleased with the Rakovina Therapeutics staff and the outstanding progress we have made collectively in 2024, mentioned Govt Chairman Jeffrey Bacha. Synthetic intelligence is not simply the way forward for drug growth”it is the truth we’re constructing as we speak. We’re privileged to have world-class consultants driving the mixing of cutting-edge AI with our laboratory infrastructure on the College of British Columbia. What we have achieved to date is only the start”a glimpse of what is attainable as we advance our progressive most cancers remedy platform.
The overwhelming help from our traders, exemplified by the upsized funding providing introduced this week, is each humbling and deeply motivating. These further funds will play a crucial position in unlocking the transformative alternatives that await us in 2025 as we proceed our mission to develop life-changing remedies for most cancers sufferers, he added.
2024 Q3 Highlights and Current Developments: Rakovina continues to hit 2024 milestones
- On September 17, 2024, we broadened our capabilities in AI by way of a collaboration with Variational AI. This partnership grants Rakovina unique rights to compounds generated by Variational’s Enki™ platform, particularly tailor-made to chose goal product profiles, together with an choice to license validated drug candidates for additional growth. The Enki™ platform will present novel inhibitors of particular DDR (NYSE:) kinase targets recognized by Rakovina Therapeutics. Our staff will synthesize and assess the potential of those candidates as most cancers therapies at our state-of-the-art laboratories on the College of British Columbia. By combining Variational AI’s experience in kinase drug discovery with our deal with DDR pathways, we goal to boost partnering alternatives, notably as ˜huge pharma’ continues to prioritize progressive therapies focusing on these crucial pathways.
- On October 23, 2024, we introduced receipt of the preliminary outcomes from the proprietary Deep Docking AI platform. The Deep Docking algorithm was in a position to consider billions of molecular buildings to develop a short-list of drug candidates which have been optimized to a selected target-product profile. With the AI platform, outcomes had been achieved in lower than 5 months “ a feat not capable through traditional methods of discovery. The selected drug candidates will be synthesized for validation in Rakovina Therapeutics’ laboratories at the University of British Columbia during the coming months with the goal of advancing a best-in-class DDR drug candidate to human clinical trials in collaboration with pharmaceutical company partners.
- In October and November 2024, we had the privilege of presenting our latest research from our PARP1/2 inhibitor KT-3000 program and our AI-driven drug discovery initiatives at two prestigious conferences. At the EORTC-NCI-AACR Symposium in Spain, we highlighted innovative findings from the KT-3000 series, a promising class of PARP1/2 inhibitors. And at the 29th Annual Meeting of the Society for Neuro-Oncology (SNO), we presented compelling data on a shortlist of targeted therapies identified through our Deep Docking AI platform. Notably, early studies suggest that these PARP inhibitor compounds have the potential to cross the blood-brain barrier”an achievement that positions them as important candidates for advancing remedies in areas of crucial unmet want, together with neurological cancers.
- On November 27, 2024 we introduced a non-brokered non-public placement financing of items priced at $0.06 per unit with every unit consisting of 1 frequent share and one frequent share buy warrant with an train value of $0.10 per warrant and a time period of two years for gross proceeds to the Firm of $1.25 Million (the Providing).
- On November 28, 2024 we introduced that resulting from excessive investor demand, the Providing can be elevated to $2.5 Million (topic to change approval).
Abstract of Monetary Outcomes for the quarter ended September 30, 2024
For the three and 9 months ended September 30, 2024, the Firm reported a internet lack of $1,015,667 and $2,588,630 respectively. Analysis and growth bills had been $678,299 and $1,597,067 for the three and 9 months ended September 30, 2024, respectively. Common and administrative bills had been $268,909 and $796,183 for the three and 9 months ended September 30, 2024, respectively. Complete (EPA:) money bills associated to analysis and growth and common and administrative bills for the three and 9 months ended September 30, 2024 had been $793,867 and $1,922,037, respectively.
| Chosen Monetary Info | As at September 30, 2024 $ |
|||
| Money & money equivalents | 255,049 | |||
| Working capital | 358,060 | |||
| Intangible property | 4,112,602 | |||
| Complete Belongings | 5,308,181 | |||
| Complete liabilities | 2,233,687 | |||
| Deficit | (13,513,941 | ) | ||
| Complete fairness | 3,074,494 |
| Statements of internet loss and complete loss knowledge: | For the 9 months ended September 30, 2024 $ |
For the 9 months ended September 30, 2023 $ |
||
| Analysis & Improvement | 1,597,067 | 1,252,165 | ||
| Common and Administrative | 796,183 | 568,496 | ||
| Internet loss and complete loss | 2,588,630 | 1,890,162 | ||
| Fundamental and diluted revenue (loss) per share | (0.03 | ) | (0.03 | ) |
| Working money burn | 1,922,037 | 1,328,271 | ||
| Weighted common shares excellent | 76,660,137 | 69,829,500 | ||
Rakovina Therapeutics’ monetary statements as filed with SEDAR+ might be accessed from the Firm’s web site at: https://www.rakovinatherapeutics.com/corporate-profile/
Senior administration of Rakovina Therapeutics will maintain an info and replace webinar on December 4, 2024 at 3 P.M. Pacific Time/ 6 P.M. Jap Time. events might join at https://bit.ly/rakovina-q3.
About Rakovina Therapeutics Inc.
Rakovina Therapeutics is a biopharmaceutical analysis firm centered on the event of progressive most cancers remedies. Our work relies on distinctive applied sciences for focusing on the DNA-damage response powered by Synthetic Intelligence (AI) utilizing the proprietary Deep-Docking™ platform. By utilizing AI, we are able to assessment and optimize drug candidates at a a lot larger tempo than ever earlier than.
The Firm has established a pipeline of distinctive DNA-damage response inhibitors with the aim of advancing a number of drug candidates into human medical trials in collaboration with pharmaceutical companions.
Additional info could also be discovered at www.rakovinatherapeutics.com.
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For Additional Info, Contact:
| David Hyman Chief Monetary Officer information@rakovinatherapeutics.com Investor Relations and Media Contact: |
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