Mr. David Hyman reports

RAKOVINA THERAPEUTICS INC. ANNOUNCES Q2 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Rakovina Therapeutics Inc. has released its financial results for the quarter ended June 30, 2023, and has provided a corporate update.

Corporate highlights during the past quarter included:

• The publication of a paper in the Journal of Clinical Oncology describing preclinical data for the company's lead preclinical candidate, kt-3283, demonstrating kt-3283's potential to treat cancers that are resistant to first-generation PARP inhibitors. The company believes these data support the potential to address unmet medical needs in the treatment of a range of treatment-resistant cancers including Ewing sarcoma, breast cancer, liver cancer, glioblastoma, prostate cancer and anaplastic thyroid cancer.
• Completion of a non-brokered private placement of unsecured convertible debenture units of the company for aggregate gross proceeds of $1,514,000. Proceeds will be used for research and development expenses primarily to advance the company's lead kt-3000 dual function DNA-damage response inhibitor program toward human clinical trials and for general working capital purposes.
• On April 19, 2023, the company presented new preclinical in vitro and in vivo data demonstrating the potential of its kt-3000 series against treatment-resistant Ewing sarcoma, a rare childhood tumour, at the annual meeting of the American Association of Cancer Research (AACR).

About the kt-3000 series

Rakovina Therapeutics' kt-3000 series is a novel class of DNA-damage response inhibitors designed to selectively inhibit two important anti-cancer targets: poly(ADP) ribose polymerase (PARP) and histone deacetylase (HDAC). The combination of a PARP inhibitor with an HDAC inhibitor has shown potential synergy in laboratory studies; however, treatment of patients with the combination is associated with significant side effects. Data presented by Rakovina Therapeutics at recent scientific meetings demonstrate that kt-3000 lead candidates may provide dual-function synergy in the treatment of treatment-resistant cancers, while limiting treatment-related side effects.

Summary financial results for the quarter ended June 30, 2023

For the three and six months ended June 30, 2023, the company reported a net loss of $601,404 and $1,243,194, respectively. Research and development expenses were $391,969 and $825,313 for the three and six months ended June 30, 2023, respectively. General and administrative expenses were $193,037 and $405,080 for the three and six months ended June 30, 2023, respectively. Total cash expenses related to research and development and general and administrative expenses for the three months ended June 30, 2023, were $425,972.

Rakovina Therapeutics' financial statements as filed with SEDAR+ can be accessed from the company's website.

Stock option grant

On Aug. 28, 2023, the company's board of directors approved the grant of 1,376,500 stock options to certain directors, employees and consultants. The options are exercisable at 15 cents per share for five years from the grant date and will vest in equal parts every six months over the next three years.

About Rakovina Therapeutics Inc.

Rakovina is focused on the development of new cancer treatments based on novel DNA-damage response technologies. The company has established a pipeline of DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials and obtaining marketing approval for new cancer therapeutics from Health Canada, the United States Food and Drug Administration, and similar international regulatory agencies.

We seek Safe Harbor.