/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES
OR THROUGH U.S. NEWSWIRE SERVICES./
Funds to be Dedicated for Advancing IL-2
Superkine Programs
TORONTO and HOUSTON, April 15,
2020 /CNW/ - Medicenna Therapeutics Corp.
("Medicenna" or the "Company") (TSX: MDNA), a
clinical stage immuno-oncology company, is pleased to announce that
the agents have fully exercised their over-allotment option to
purchase an additional 1,693,548 common shares of the Company (the
"Offered Shares") at a price of $3.10 per Offered Share, in connection with the
previously announced public offering of common shares of Medicenna
which was completed on March 17, 2020
(the "Offering"). The Offering included participation
by BVF Partners LP, Sphera Funds, Tangible Investment Management,
Special Situations Life Sciences Fund, Soleus Capital and other
institutional investors.
As a result of the exercise of this over-allotment option,
Medicenna received additional gross proceeds of $5,249,999 and will have raised total gross
proceeds of $40,250,000 under the
Offering. The Offering was led by Bloom Burton Securities Inc.,
including Mackie Research Capital Corporation and Haywood
Securities Inc. pursuant to an agency agreement dated as of
March 12, 2020 (the "Agency
Agreement").
The net proceeds of the Offering will be used to fund
pre-clinical development of the Company's lead IL-2 agonist drug
candidate MDNA19, manufacturing and clinical development of MDNA19
as well as for general corporate purposes and working capital.
The Offered Shares were qualified for sale by way of a (final)
short form prospectus (the "Prospectus") dated
March 12, 2020 filed by the Company and receipted by the
regulatory authorities in the provinces of British Columbia, Alberta and Ontario. Copies of the Prospectus and the
Agency Agreement are available under the Company's profile at
www.sedar.com.
The Offered Shares have not been registered under the United
States Securities Act of 1933, as amended, or applicable state
securities laws, and may not be offered or sold in the United States absent registration or an
exemption from such registration requirements. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the Offered
Shares, in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such province, state or
jurisdiction.
About Medicenna Therapeutics Corp.
Medicenna is a clinical stage immunotherapy company focused on
oncology and the development and commercialization of novel, highly
selective versions of IL-2, IL-4 and IL-13 Superkines and first in
class Empowered Cytokines™ (ECs) for the treatment of a broad range
of cancers. Supported by a US$14.1M
non-dilutive grant from CPRIT (Cancer Prevention and Research
Institute of Texas), Medicenna's lead IL4-EC, MDNA55, has
completed a Phase 2b clinical trial for rGBM, the most
common and uniformly fatal form of brain cancer, at top-ranked
brain cancer centres in the US. MDNA55 has been studied in five
clinical trials involving 132 patients, including 112 adults with
rGBM. MDNA55 has demonstrated compelling efficacy and has obtained
Fast-Track and Orphan Drug status from the FDA and FDA/EMA
respectively. For more information, please visit
www.medicenna.com.
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects", "believes" and similar
expressions. All statements other than statements of historical
fact, included in this release, including, without limitation,
statements related to the expected use of proceeds of the Offering
and the future plans and objectives of the Company, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations include the risks detailed in the annual
information form of the Company dated June
24, 2019 and in other filings made by the Company with the
applicable securities regulators from time to time.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect and that study results could change over time
as the study is continuing to follow up all patients and new data
are continually being received which could materially change study
results. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements only
as expressly required by Canadian securities law.
SOURCE Medicenna Therapeutics Corp.