VANCOUVER, British Columbia, April 26, 2024 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. (TSX-V: RKV, “ Company'') provided financial results and corporate updates for the fourth quarter and fiscal year ending December 31, 2023.
2023 Highlights and Recent Developments
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On March 27, 2024, the Company announced a collaboration agreement with Dr. Artem Cherkasov, granting Rakovina exclusive access to its proprietary Deep Docking™ artificial intelligence (“AI”) platform for DNA damage response targets. Did. Rakovina uses a deep docking platform powered by advanced AI algorithms to rapidly analyze billions of molecular structures to assess their potential as targeted anti-cancer agents. The company will then use its established research and development infrastructure to validate its activities. This approach is innovative for the development of new drug therapies that target DNA damage response-related vulnerabilities common to many types of cancer.
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On November 27, 2023, the Company appointed Professor Artem Cherkasov, Senior Research Scientist at the Vancouver Prostate Center and Canada Research Chair in Precision Cancer Drug Design, to the Scientific Advisory Board of Lacovina Therapeutics. announced.
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On November 20, 2023, the Company appointed Professor Petra Hamerlik, Professor of Translational Neuro-Oncology at the University of Manchester and former Head of CNS Cancer Biosciences at AstraZeneca plc, to the Scientific Advisory Board of Rakovina Therapeutics. announced that he would be appointed to the board.
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In June 2023, we published a paper in the Journal of Physiology reporting the characterization of the KT-3000 lead candidate with dual activity against PARP and HDAC enzymes as a potential treatment for Ewing's sarcoma and other treatment-resistant cancers. Published in Clinical Cancer Research.
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On April 19, 2023, the Company announced new preclinical studies. in vitro and in In vivo data demonstrating the potential of our KT-3000 series against treatment-resistant Ewing sarcoma, a rare pediatric tumor, presented at the American Association for Cancer Research (AACR) Annual Meeting.
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On March 30, 2023, the Company announced that as part of its evolving strategy to improve transaction liquidity and increase visibility of the Company's next-generation cancer drug development pipeline, Red Cloud Securities and Proactive Investors North We announced a partnership with America Inc.
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On March 22, 2023, the Company announced that it received $122,865 in non-dilutive findings from the National Research Council of Canada Industrial Research Support Program.
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On March 17, 2023, the Company presented new preclinical data at the EACR-AACR Basic and Translational Research Conference that describes the progress of lead optimization efforts for the Company's novel kt-3000 series.
Summary of Financial Results for the Fourth Quarter and Year Ended December 31, 2023
As of December 31, 2023, our working capital was approximately $477,881.
For the three and twelve months ended December 31, 2023, the Company reported net losses of $722,733 and $2,612,925, respectively. Research, development and operating expenses for the three and twelve months ended December 31, 2023 were $419,482 and $1,671,677, respectively. General and administrative expenses for the three and twelve months ended December 31, 2023 were $241,928 and $810,424, respectively. Total cash operating expenses and general and administrative expenses related to research and development for the three and twelve months ended December 31, 2022 were $488,414 and $1,816,715, respectively.
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Carefully selected financial information |
like |
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cash and cash equivalents |
436,313 |
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working capital |
477,881 |
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intangible assets |
4,515,051 |
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Total assets |
5,147,579 |
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Total debt |
1,487,743 |
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deficit |
(10,925,311 |
) |
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Total capital |
3,659,836 |
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Statement of net loss and comprehensive loss data: |
In the last three months |
1 year Ended |
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Research and Development |
419,482 |
1,671,677 |
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General and administration |
241,928 |
810,424 |
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Net loss and comprehensive loss |
(722,733 |
) |
(2,612,925 |
) |
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Basic earnings (loss) and diluted earnings (loss) per share |
(0.01 |
) |
(0.04 |
) |
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Operating cash burn |
488,414 |
1,816,715 |
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Weighted average number of shares outstanding |
69,904,462 |
69,848,394 |
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Rakovina Therapeutics' financial statements filed on SEDAR are accessible from our website at https://www.rakovinatherapeutics.com/corporate-profile/.
About Lacovina Therapeutics
Rakovina Therapeutics Inc. is focused on developing new cancer treatments based on novel DNA damage response technologies. The Company advances one or more drug candidates into human clinical trials and develops new cancer treatments with the goal of obtaining marketing approval for new cancer treatments from Health Canada, the U.S. Food and Drug Administration, and similar international regulatory authorities. We have established a pipeline of DNA damage response inhibitors. agency. For more information, please visit www.rakovinatherapeutics.com.
Additional Information
The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This release contains forward-looking statements regarding the Company and their respective businesses, which may include, but are not limited to, statements regarding the Company's proposed business plans and other statements. Not limited. Forward-looking statements often, but not always, are “anticipates”, “variants of such words or phrases (including negative variations),” “believes,” “suggests,” or any specific action, event, or result. “may'', “might'', “will'', “might'', or “will'' be taken, occurring, or accomplished. Such statements are based on the current expectations of the Company's management. The forward-looking events and circumstances described in this release may not occur by certain specified dates or at all, including risks related to the medical device industry, economic factors, etc. that affect us; may differ materially as a result of known and unknown risk factors and uncertainties. , regulatory factors, the stock market in general, risks related to growth and competition. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, or there may be other factors that cause results to differ from expectations. Estimated or intended. Forward-looking statements cannot be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made, and the Company cannot predict whether or not they may be the result of new information or future events. Regardless, we undertake no obligation to publicly update or revise any forward-looking statements. , or not. Readers are referred to the Company's most recent filings on SEDAR for a more detailed discussion of all applicable risk factors and their potential impact. A copy can be accessed from our profile page at www.sedar.com.
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