/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES OR THROUGH U.S.
NEWSWIRE SERVICES./
TORONTO and HOUSTON, March 17,
2020 /CNW/ - Medicenna Therapeutics Corp.
("Medicenna" or the "Company") (TSX: MDNA), a
clinical stage immuno-oncology company, is pleased to announce the
closing of its previously announced public offering
(the "Offering") of common shares (the "Offered
Shares"). The Offering was made pursuant to an agency agreement
(the "Agency Agreement") entered into among Bloom
Burton Securities Inc., as lead agent, Mackie Research Capital
Corporation and Haywood Securities Inc. (collectively, the
"Agents") 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.
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 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", "believes" and similar
expressions. All statements other than statements of historical
fact, included in this release, including, without limitation, that
the funding provides solid validation for both of Medicenna's
programs and establishes a strong balance sheet to 2022, that
Medicenna will be able to achieve key clinical and regulatory
milestones for MDNA55 and MDNA19, that 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, that Medicenna will
complete a Phase 1 monotherapy trial with MDNA19 next year, that
the End of Phase 2 meeting with the FDA will occur next
quarter and will steer commercial development and partnering
activities associated with MDNA55, 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.
