Rakovina Therapeutics Inc (TSX-V:RKV) ended the second quarter of 2023 with just over $1.2 million in cash as it gears up for clinical trials of its kt-3000 series, a novel class of DNA-damage response inhibitors.
A non-brokered private placement of unsecured convertible debenture units generated gross proceeds of $1,514,000, which will be used for research and development expenses related to Rakovina’s lead kt-3000 dual function DNA-damage response inhibitor program toward human clinical trials.
During 2Q, the Vancouver-based biotechnology firm published a paper in the Journal of Clinical Oncology outlining pre-clinical data for its lead pre-clinical candidate, kt-3283, which shows potential to treat cancers that are resistant to first-generation PARP inhibitors.
“We believe these data support the potential to address unmet medical needs in the treatment of a range of treatment-resistant cancers including Ewing sarcoma, breast cancer, liver cancer, glioblastoma, prostate cancer and anaplastic thyroid cancer,” the company said in a statement.
As well, the firm presented new data demonstrating the potential of the kt-3000 series against treatment-resistant Ewing sarcoma, a rare childhood tumor, at the annual meeting of the American Association of Cancer Research (AACR).
Rakovina believes that kt-3000 lead candidates may provide dual-function synergy in the treatment of treatment-resistant cancers, while limiting treatment-related side effects.
Financial results for the second quarter ending June 30, 2023, showcased a net loss of $601,404 or $0.01 per share.