Ms. Michelle Seltenrich reports

RAKOVINA THERAPEUTICS AND NANOPALM LTD. SIGN LETTER OF INTENT TO FORM JOINT VENTURE LEVERAGING AI-DISCOVERED ONCOLOGY THERAPIES AND NOVEL LIPID NANOPARTICLE DELIVERY TECHNOLOGIES

Rakovina Therapeutics Inc. and NanoPalm Ltd., a Saudi-based biotechnology company pioneering advanced patterned lipid nanoparticle (pLNP) delivery systems, have signed a non-binding letter of intent (LOI). The LOI outlines the intention to form a joint venture to co-develop novel small-molecule oncology therapeutics, beginning with loading Rakovina's dual-function PARP-HDAC inhibitor, kt3283, into NanoPalm's pLNP technology.

The collaboration brings together two novel platforms: Rakovina's proprietary artificial-intelligence-enabled drug discovery engine, powered by an exclusive licence to the proprietary Deep Docking platform, is capable of rapidly screening billions of molecules against validated cancer targets and predicting drug-like characteristics in silico, and NanoPalm's next-generation self-targeting pLNP delivery system, AI designed to enhance the precision and efficacy of therapeutic delivery. Promising candidates discovered through Rakovina's platform and formulated with NanoPalm's pLNP technology will be validated through Rakovina's in-house pharmacology, toxicology and in vivo models, creating a seamless path from in silico modelling to formulation to preclinical proof of concept.

kt-3283, the initial development candidate under the proposed joint venture, is a potent small-molecule inhibitor that simultaneously targets PARP and HDAC -- two critical cancer survival pathways. Preclinical studies have demonstrated that kt-3283 induces DNA damage, disrupts cell-cycle progression, and produces enhanced cytotoxicity compared with currently approved PARP and HDAC inhibitors. The compound has shown particularly strong activity in Ewing sarcoma, breast and ovarian cancer models, with data presented at major oncology conferences and published in a peer-reviewed journal.

NanoPalm's pLNP technology, originally developed for gene therapy, uses AI-assisted formulation design and tunable shape and surface characteristics to improve tissue specificity, intracellular delivery and systemic tolerability. This collaboration represents an initial oncology application of NanoPalm's proprietary platform to small-molecule therapeutics, offering the potential to significantly enhance kt-3283's therapeutic index and tumour-specific delivery. NanoPalm's pLNP platform has been validated in multiple preclinical gene therapy programs, demonstrating superior delivery precision and biodistribution compared with conventional LNPs.

NanoPalm's technology is differentiated by its AI-assisted design and modular architecture, enabling tunable surface properties and selective cellular uptake. Originally developed for gene therapy applications, this collaboration represents NanoPalm's strategic entry into the oncology field.

"This collaboration brings together complementary expertise in drug discovery and delivery technologies," said Jeffrey Bacha, executive chairman of Rakovina Therapeutics. "kt-3283 represents the first of what we believe could be multiple novel therapeutics that emerge from this alliance, offering a robust pipeline for development and future commercialization."

"We are excited to partner with Rakovina Therapeutics to bring our precision pLNP delivery technology into oncology for the first time," said Dr. Ali Alhasan, founder and chief executive officer of NanoPalm. "Our platform is uniquely suited to improve the delivery profile of small-molecule therapies, and the synergy with Rakovina's innovative discovery capabilities creates an opportunity for the potential joint venture to pursue worldwide development and commercialization opportunities within Saudi Arabia as its operational hub to develop transformative treatments for patients with cancer. This aligns with the kingdom's national biotechnology strategy, leveraging the local fertile ground for innovating and accelerating local biotech development."

Once finalized, the joint venture will initially focus on advancing kt-3283 through late preclinical development and early clinical studies while evaluating additional AI-derived drug candidates for inclusion in the development pipeline. The partners also plan to explore global licensing and strategic commercialization opportunities as the pipeline matures.

Defined responsibilities and global scope

Under the proposed joint venture:

• Rakovina will contribute kt-3283 drug substance and additional select AI-discovered small-molecule drug candidates, along with supporting in vitro and in vivo validation, pharmacology, toxicology, CMC (chemistry and manufacturing controls) data, and regulatory expertise.
• NanoPalm will contribute its proprietary pLNP platform, biomanufacturing capabilities, delivery science expertise, and preclinical and clinical support infrastructure in Saudi Arabia.
• Joint development activities will be co-ordinated under a mutually agreed governance structure, with initial preclinical validation conducted in Rakovina's research facilities at the University of British Columbia and manufacturing and biodistribution studies conducted by NanoPalm in Saudi Arabia.
• The partners will co-finance the joint venture, pursue third party investment and non-dilutive grant opportunities, and share equally in ownership, risk and upside.

Global reach and strategic alignment

The joint venture will be domiciled in Saudi Arabia, with a worldwide development and commercialization mandate. This JV will be the first pLNP-oncology-focused biotech co-founded in Saudi Arabia integrating locally developed nanomedicine with global drug discovery platforms. Development activities will be aligned with international regulatory standards, including those of the FDA (U.S. Food and Drug Administration), SFDA (Saudi Food and Drug Authority) and EMA (European Medicines Agency). The parties have committed to a non-exclusive collaboration model, with exclusivity defined for programs combining Rakovina's compounds with NanoPalm's delivery technology in oncology and other mutually agreed indications.

Intellectual property arising from the collaboration will be jointly owned, with background IP (intellectual property) and technology improvements retained by their respective inventors. Each party will non-exclusively license its IP to the JV for the purpose of fulfilling the venture's objectives.

About NanoPalm Ltd.

NanoPalm is a Saudi biotech company developing AI-designed pLNP delivery systems for gene and drug therapies. A spinout from KACST (King Abdulaziz City for Science and Technology) and a participant in Charles River's Advanced Therapy Incubator, NanoPalm is pioneering self-targeting delivery technologies designed to improve the safety, precision and scalability of next-generation therapeutics.

With access to state-of-the-art GMP-certified (good manufacturing practice) manufacturing facilities and regionally competitive funding programs in Saudi Arabia, NanoPalm offers the joint venture an accelerated path to scale-up and clinical translation at globally competitive costs.

About Rakovina Therapeutics Inc.

Rakovina Therapeutics is a biopharmaceutical research company focused on the development of innovative cancer treatments. The company's work is based on unique technologies for targeting the DNA-damage response powered by artificial intelligence (AI) using the proprietary Deep-Docking and Enki platforms. By using AI, the company can review and optimize drug candidates at a much greater pace than ever before.

The company has established a pipeline of distinctive DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials in collaboration with pharmaceutical partners.

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