Rakovina Therapeutics Inc (TSX-V:RKV) has announced plans to raise $1.5 million to support artificial intelligence (AI)-related research.
This includes lead orders totalling $1.25 million from two new investors, Rakovina said on Thursday, with $0.10 units comprising a common share and purchase warrant set to be issued.
Proceeds will be used to fund research and development of Rakovina’s AI collaboration, relating to use of the Deep Docking platform for DNA-damage response targets.
Some five billion potential drug candidates will be screened using this platform over the coming 12 to 16 weeks, with promising results sent to be further validated at the University of British Columbia, the company explained.
“Rakovina Therapeutics intends to advance these validated drug candidates to clinical trials in collaboration with pharmaceutical partners,” it added.
Units will be sold through a non-brokered private placement and are set to be subject to four months of resale restrictions.
Purchase warrants within these will have a $0.20 exercise price and be eligible for three years, though this will be cut if Rakovina shares climb above $0.25 for five consecutive days.