Rakovina Therapeutics Inc. Announces Second Quarter 2022 Financial Results

VANCOUVER, British Columbia, Aug. 11, 2022 (GLOBE NEWSWIRE) — Announcement from Rakovina Therapeutics Inc. (TSX-V: RKV, the “Company”), a biopharmaceutical company committed to advancing novel cancer therapies based on new DNA damage response technologies financial results for the quarter ended June 30, 2022 and provided a business update.

“We are pleased with the continued progress over the past quarter,” said Mr. Jeffrey Bacha, Executive Chairman of Rakovina Therapeutics, Inc. “Our lead optimization program conducted in collaboration with the University of British Columbia is progressing as planned towards the selection of lead compounds for progress in human clinical trials.

Summary Financial results for the trimester ended June 30th, 2022

The Company commenced operations on March 25, 2021, concurrent with the closing of the qualifying transaction with Vincero Capital Corp. and began trading on the Toronto Venture Exchange under the symbol RKV on April 1, 2021. As of June 30, 2022, the Company had positive working capital of approximately $1.95 million.

For the three and six months ending June 30, 2022, the Company reported a net loss of $715,975 and $1,427,928, respectively. Research and development expenses were $429,951 and $886,502 for the three and six months ended June 30, 2022, respectively. General and administrative expenses amounted to $293,772 and $550,768 for the three and six months ended June 30, 2022, respectively. Total cash expenditures related to research and development and general and administrative expenses for the three months ended June 30, 2022 were $527,771.

Selected Financial Information

Like a
June 30, 2022
$
Cash and cash equivalents 1,905,260
Working capital 1,950,612
Intangible assets 5,321,418
Total assets 7,443,545
Total responsibilities 171,515
Deficit 6,949,080
Total equity 7,272,030
Declarations of report loss and comprehensive loss data: For the three months
ended on June 30,

2022
For the six months
ended on June 30,

2022
$ $
research 429,951 886 502
general and administrative 293,772 550,768
Net loss and comprehensive loss 715 975 1,427,928
Basic and diluted earnings (loss) per share (0.01 ) (0.02 )
Operating cash burn 527,771 1,017,874 )
Weighted average number of shares outstanding 69,829,500 69,828,075

Rakovina Therapeutics’ financial statements as filed on SEDAR can be viewed on the company’s website at: https://www.rakovinatherapeutics.com/corporate-profile/

About Rakovina Therapeutic Inc.

Rakovina Therapeutics Inc. is focused on developing new cancer treatments based on novel DNA damage response technologies. The Company has established a pipeline of novel DNA damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials and gaining marketing approval for novel treatments for cancer with Health Canada, the United States Food and Drug Administration and similar international regulatory agencies. agencies. Further information can be found at www.rakovinatherapeutics.com.

Additional Information

The TSXV has neither approved nor disapproved of the contents of this press release. Neither the TSXV neither his Regulation Services Vendor (as this term is defined in Strategies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To remark As it concerns future-oriented statements:

This release contains forward-looking statements regarding the Company and its respective businesses, which may include, but are not limited to, statements regarding the Company’s proposed business plan and other statements. Often, but not always, forward-looking statements can be identified by the use of words such as “anticipates”, “is planned”, “expects”, “is planned”, “intends”, ” contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of these words and phrases, or state that certain actions, events or results “may”, “could”, “would have”, “strength” Where “will be” be taken, occur Where be achieved. Such statements are based on the current expectations of management of Company. The the forward-looking events and circumstances discussed in this release may not occur on certain specified dates or at all and could differ materially due to known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, economic factors, regulations The factors, the equity markets in general and risks associated with growth and competition. Although the Company has tent at identify important The factors this could cause real actions, events or results differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements. statement, whether as a results of New information, coming events, Where Otherwise. The reader is referred at the The most of the company recent deposits on SEDAR for a After completed discussion all applicable risk factors and their potential effects, copies of which may be accessible through the company’s profile page at www.sedar.com.

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