Rakovina Therapeutics Inc (TSX-V:RKV) told investors it has closed its previously announced private placement for gross proceeds of C$2 million which will be used to advance its AI-driven drug candidate research targeting cancers.
“We are continuing activities under our AI collaboration to screen billions of drug candidates against DNA-damage response targets,” Rakovina executive chairman Jeffrey Bacha said in a statement.
“We anticipate having initial output from this effort in the form recommended molecular structures for validation in our laboratories at the University of British Columbia in early fall, which puts us on track to have initial data from validating in vivo models later this year.”
The company, in collaboration with pharmaceutical partners, aims to advance one or more of its next-generation DNA damage response (DDR) drug candidates into human clinical trials.
In connection with the private placement, Rakovina issued 19.95 million units priced at C$0.10 each.
Each unit included one share and a share purchase warrant, with each warrant entitling the holder to subscribe for and purchase a share at C$0.20 per three years from the issue date.
Under certain conditions, the company can accelerate the expiry date of the warrants.