Rakovina Therapeutics Inc (TSX-V:RKV) made a strategic shift to include AI in its drug development efforts during the first quarter of 2024, announcing that it has been granted exclusive access to the proprietary Deep Docking AI Platform for DNA damage response targets.
This platform allows the biopharmaceutical firm, which is advancing new cancer therapies based on novel DNA-damage response technologies, to analyze billions of molecular structures to evaluate their potential as targeted cancer drugs.
“This year has started with significant changes for Rakovina Therapeutics in the most positive sense,” executive chairman Jeffrey Bacha said in a statement.
“Our strategic shift to include AI in our drug developments, additions to the scientific team and expansion of our research collaborations all position Rakovina Therapeutics to successfully achieve our goal of improving the lives of patients with cancer.”
For the first quarter ending March 31, 2024, the company posted a net loss of about $750,000 which was in line with its estimates.
It invested about $439,000 in research and development during the period.
On May 23, it announced a non-brokered private placement of up to $1.5 million, the proceeds of which will be used to support its research and development using the Deep Docking AI platform for DNA-damage response targets.