Rakovina Therapeutics Inc (TSX-V:RKV) told investors that it has received subscriptions totalling $1.7 million for its previously announced $1.5 million private placement and, to accommodate additional interest, it will upsize the financing to $2 million.
The biopharmaceutical company advancing new cancer therapies based on novel DNA-damage response technologies said the terms of the private placement otherwise remain unchanged.
The company anticipates a first closing of the private placement on or about June 25, 2024.
“Rakovina Therapeutics has benefited greatly from the support of our long-term shareholders. With this financing we are pleased to welcome a new group of investors to the company,” Rakovina Therapeutics executive chairman Jeffrey Bacha said in a statement.
“These funds will be used to further accelerate research activities related to our recently announced AI drug-discovery partnership and expanded collaboration with the University of British Columbia and Pharma Inventor Inc. We remain steadfast in our mission to develop new treatments to improve the lives of those affected by cancer.”
Further, the company announced the results of its 2024 annual general meeting of shareholders held on June 20, 2024, in Vancouver, British Columbia.
It said all four members of its board of directors were re-elected and shareholders also approved the re-appointment of Davidson and Company as its auditor and its existing omnibus equity incentive plan.