Rakovina Therapeutics Inc (TSX-V:RKV) told investors that it will use the proceeds of its recent private placement to progress the development of its kt-3000 series, a novel class of DNA-damage response inhibitors, towards human clinical trials.
In a corporate update accompanying its first-quarter results, the company noted that the non-brokered private placement of unsecured convertible debentures raised gross proceeds of approximately $1.5 million, providing the company with additional capital to build upon its research achievements.
“Based on our research results, we believe our kt-3000 dual-function DNA-damage response inhibitors represent a novel approach to combat a range of cancers that fail to respond to treatment or have become resistant to currently available therapies,” the company’s executive chairman Jeffrey Bacha said in a statement.
The company also highlighted the receipt of non-dilutive funding from the National Research Council of Canada Industrial Research Assistance Program during the quarter, as well as the presentation of pre-clinical data at the annual meeting of the American Association of Cancer Research (AACR) demonstrating the potential of kt-3000 as a potential treatment for Ewing sarcoma, a rare childhood tumor.
For the three months ended March 31, 2023, the company reported a net loss of $641,790, or $0.01 per share.
Research and development costs totalled $433,344 for the quarter while general and administrative expenses were $212,043. It ended the quarter with cash and cash equivalents of $607,604 and working capital of $493,522.
Contact the author at stephen.gunnion@proactiveinvestors.com