TORONTO and HOUSTON, March 8, 2017 /CNW/ - Medicenna Therapeutics Corp. ("Medicenna" or the "Company") (TSXV: MDNA) today announced that the Company's shares have resumed trading on the TSX Venture Exchange ("TSXV") under the symbol "MDNA".
Medicenna is a clinical stage immunotherapy company developing novel, first-in-class Interleukin-4 Empowered Cytokines™ (IL4-ECs) designed to target tumors that over-express the IL-4 receptor (IL4R). These proprietary Molecular Trojan Horses consist of IL-4 Superkines™ fused to cell-killing payloads. The lead IL4-EC, MDNA55, has completed three clinical trials with promising results in 72 patients including 66 adults with recurrent glioblastoma (rGB), the most common and uniformly fatal form of brain cancer. Medicenna BioPharma, the Company's Houston, Texas based wholly owned subsidiary, is currently enrolling rGB patients in a Phase 2b clinical trial at leading brain cancer centres in the US.
"We are pleased with the market's interest in our immuno-oncology platform, as evidenced by demand increasing the size of our recently completed private placement to $4 million," said Dr. Fahar Merchant, President and CEO of Medicenna. "The successful completion of this financing and go-public transaction is an important milestone in the Company's history, and we look forward to additional institutional investor interest following our listing on the TSXV."
Medicenna has raised approximately $10 million by way of private placements over the past twelve months and the recently competed private placement of $4 million brings the total funds raised to approximately $14 million. In addition to these proceeds, the Company has access to up to US$14.1 million by way of a product development grant from the Cancer Prevention Research Institute of Texas (CPRIT).
MDNA55 has secured Orphan Drug Status from the United States Food and Drug Administration (FDA) and the European Medicines Agency, as well as Fast Track Designation from the FDA. Funds from the CPRIT grant are supporting the MDNA55 clinical trial and pre-clinical development of next generation IL-4-based ECs for the treatment of other solid tumors. Complementing MDNA55, Medicenna has built a pipeline of promising pre-clinical immunotherapy candidates. These include a library of SuperkinesTM such as IL-2 agonists (MDNA109), IL-2 antagonists (MDNA209), dual IL-4/IL-13 antagonists (MDNA413) and the IL-13 agonist (MDNA132), all exclusively licensed from Stanford University.
For more information, please visit www.medicenna.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, the ability of the company to attract institutional interest, the success of MDNA55 in past or future clinical trials and others 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 filing statement of the Company dated February 27, 2017 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. 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.