Medicenna Therapeutics Corp. (TSX: MDNA), a clinical stage immuno-oncology company, is pleased to announce the closing of its previously announced public offering of common shares. The Offering was made pursuant to an agency agreement entered into among Bloom Burton Securities Inc., as lead agent, Mackie Research Capital Corporation and Haywood Securities Inc. and the Company. Maxim Group LLC acted as financial advisor to Medicenna in connection with the transaction.
Pursuant to the Offering, the Company issued a total of 11,290,323 Offered Shares at a price of CDN$3.10 per Offered Share for gross proceeds of approximately CDN$35 million.
"We are delighted to have attracted exceptional life-science focused institutional investors despite tough market conditions. This funding, the largest to date for Medicenna, we believe provides solid validation for both our programs, establishes a strong balance sheet to 2022 and could enable us to achieve key clinical and regulatory milestones for MDNA55 and MDNA19," said Dr. Fahar Merchant, President and CEO of Medicenna. "Unlike competing programs, Medicenna's IL-2 superkine, MDNA19, has the potential for exceptionally high selectivity and affinity to preferentially boost cancer fighting immune cells without toxicity or immunosuppressive activity. We plan to share non-human primate data this quarter and complete a Phase 1 monotherapy trial with MDNA19 next year. Furthermore, on the back of compelling Phase 2b recurrent glioblastoma (rGBM) results, we look forward to the End of Phase 2 meeting with the FDA expected to occur next quarter, which in turn will steer commercial development and partnering activities associated with MDNA55."
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 Company has granted to the Agents a 30-day over-allotment option to sell up to an additional 15% of the number of Offered Shares sold as part of the Offering.
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 enrolling patients in 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.
