Ms. Christina Cameron reports

MEDICENNA THERAPEUTICS ANNOUNCES CLOSING OF CA$20 MILLION INVESTMENT FROM RA CAPITAL MANAGEMENT

Medicenna Therapeutics Corp. has closed its previously announced $20-million investment by RA Capital Management, a multistage investment manager based in Boston, Mass., by way of a non-brokered private placement. Medicenna intends to use the net proceeds from the Offering for further development of its MDNA11 program, advancement of its preclinical programs and general corporate purposes.

Pursuant to the terms of a subscription agreement entered into as of April 26, 2024 between the Company and RA Capital Healthcare Fund, L.P. ("RAHF"), a fund affiliated with RA Capital Management, RAHF subscribed for 5,141,388 common shares in the capital of the Company (the "Shares") at a price of CA$1.95 per share and, in lieu of common shares, pre-funded warrants to purchase 5,141,388 common shares (the "Pre-Funded Warrants") at a purchase price of CA$1.94 per pre-funded warrant, for total net proceeds to the Company of approximately CA$20 million.

The Shares and Pre-Funded Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold within the "United States" or to "U.S. Persons" (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an applicable exemption from such registration is available.

About Medicenna

Medicenna is a clinical-stage immunotherapy company focused on developing novel, highly selective versions of IL-2, IL-4 and IL-13 Superkines and first-in-class empowered superkines. Medicenna's long-acting IL-2 Superkine, MDNA11, is a next-generation IL-2 with superior affinity toward CD122 (IL-2 receptor beta) and no CD25 (IL-2 receptor alpha) binding, thereby preferentially stimulating cancer-killing effector T cells and NK cells. Medicenna's IL-4 Empowered Superkine, bizaxofusp (formerly MDNA55), has been studied in 5 clinical trials enrolling over 130 patients, including a Phase 2b trial for recurrent GBM, the most common and uniformly fatal form of brain cancer. Bizaxofusp has obtained FastTrack and Orphan Drug status from the FDA and FDA/EMA, respectively. Medicenna's early-stage BiSKITs(TM) (Bifunctional SuperKine ImmunoTherapies) and the T-MASK(TM) (Targeted Metalloprotease Activated SuperKine) programs are designed to enhance the ability of Superkines to treat immunologically "cold" tumors.

We seek Safe Harbor.