Rakovina Therapeutics Inc (TSX-V:RKV) on Friday reported its financial results for the second quarter ending 30 June and provided an update on recent corporate developments.
The company noted its collaboration with Prof Artem Cherkasov, granting it exclusive access to the Deep Docking AI platform.
It is expected to revolutionize the company’s approach to precision medicine by enabling the screening of billions of molecular structures to identify promising drug candidates.
"We are thrilled by the rapid progress and strategic advancements we've made at Rakovina Therapeutics since announcing our collaboration with Prof Artem Cherkasov and exclusive access to the groundbreaking Deep Docking AI platform,” executive chair Jeffrey Bacha said in the statement.
“AI has propelled us into an exciting new era of precision medicine, allowing us to screen billions of molecular structures and identify promising candidates for clinical development.”
Rakovina also noted the successful completion of a $2 million private placement and the expansion of its research collaborations with the University of British Columbia (UBC) and Pharma Inventor Inc.
Bacha added: “The overwhelming support shown through our successful $2 million private placement and the expansion of our research collaborations with UBC and Pharma Inventor Inc. further solidifies our commitment to pioneering innovative cancer therapies.
“Together, these milestones bring us closer to our goal of delivering life-changing treatments to patients worldwide.”
Rakovina posted a net loss of $820,580 for the quarter, with $1.39 million in cash and cash equivalents as of the end of June. Research and development expenses were reported at $479,785, while general and administrative expenses amounted to $276,184.