From GlobeNewswire: 2024-05-30 17:52:00

Rakovina Therapeutics Inc. reported a Q1 2024 net loss of $752,383, with $438,983 in research expenses and $251,090 in administrative costs. The company announced a collaboration with Dr. Artem Cherkasov to use AI for drug development and expanded contracts with UBC and Pharma Inventor Inc. for AI drug discovery.

To fund research and development activities, Rakovina Therapeutics announced a non-brokered Private Placement for up to $1.5 million at a purchase price of $0.10 per unit. Two new investors have committed $1.25 million in lead orders. The Company plans to primarily support its recent AI collaboration using funds raised.

Rakovina Therapeutics disclosed its financial statements on SEDAR, highlighting $177,188 in cash and cash equivalents, and $4,381,391 in intangible assets. Despite a net loss of $752,383 in Q1 2024, the Company maintains total equity of $2,941,161. Rakovina Therapeutics focuses on developing cancer treatments through DNA-damage response technologies.

The Company clarified its agreement with Insight Capital Partners Inc. includes a market-making services deal with ICP Securities Inc. for $7,500 per month plus taxes. Rakovina Therapeutics financial statements are available on the company’s website. Forward-looking statements were issued, emphasizing potential risk factors affecting the Company’s growth and competition in the industry.



Read more at GlobeNewswire:: Rakovina Therapeutics Announces 2024 Q1 Financial Results