/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES OR THROUGH U.S.
NEWSWIRE SERVICES./
TORONTO and HOUSTON, March 4,
2020 /CNW/ - Medicenna Therapeutics Corp.
("Medicenna" or the "Company") (TSX: MDNA), a
clinical stage immuno-oncology company, is pleased to announce
today that it has priced its previously announced marketed offering
(the "Offering") of common shares of the Company
("Offered Shares"). The Company intends to issue
11,290,323 Offered Shares at a price of $3.10 per Offered Share for gross proceeds
of approximately $35,000,000. In
respect of the foregoing, the Company will file an amended and
restated preliminary short form prospectus (the "Amended and
Restated Preliminary Prospectus") with securities regulatory
authorities.
The Offering is undertaken on a best efforts basis in the
provinces of British Columbia,
Alberta and Ontario through a syndicate of agents led by
Bloom Burton Securities Inc. (the "Lead Agent") on behalf of
a syndicate including Mackie Research Capital Corp. and Haywood
Securities Inc. (together with the Lead Agent, the
"Agents").
In connection with the Offering, the Agents will be paid a cash
commission equal to 7.0% of the aggregate gross proceeds of the
Offering and will be issued broker warrants exercisable to acquire
such number of common shares of the Company as is equal to 7.0% of
the aggregate number of Offered Shares sold pursuant to the
Offering. The Company will also grant 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.
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.
Further details are disclosed in the Amended and Restated
Preliminary Prospectus available at www.sedar.com.
The Offering is subject to a number of customary conditions,
including, without limitation, receipt of all regulatory and stock
exchange approvals. A copy of the Amended and Restated Preliminary
Prospectus will be available under the Company's profile at
www.sedar.com. The Amended and Restated Preliminary Prospectus will
be subject to completion and amendment. There will not be any sale
or any acceptance of an offer to buy the Offered Shares until a
receipt for the final prospectus relating to the Offering has been
issued. This news release does not provide full disclosure of all
material facts relating to the Offered Shares. Investors should
read the Amended and Restated Preliminary Prospectus, final short
form prospectus and any amendment, for disclosure of those facts,
especially risk factors relating to the Company and the Offered
Shares, before making an investment decision.
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 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.
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 related to
the completion of the Offering, 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.
