Mr. David Hyman reports

RAKOVINA THERAPEUTICS CLOSES PREVIOUSLY ANNOUNCED OVER-SUBSCRIBED PRIVATE PLACEMENT

Further to the press releases dated May 23, 2024, June 20, 2024, July 19, 2024, and July 22, 2024, Rakovina Therapeutics Inc. has closed its previously announced oversubscribed non-brokered private placement for gross proceeds to the company of $2-million.

In connection with the private placement, the company issued 19.95 million units at a purchase price of 10 cents per unit. Each unit is composed of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to subscribe for and purchase one common share at a purchase price of 20 cents for a period of three years from the date of issuance. If the closing price for the common shares on the TSX Venture Exchange is 25 cents or greater for five consecutive trading days, the company will have the right to accelerate the expiry date of the warrants, upon written notice to the holder, to the date that is 30 days following such notice.

According to executive chairman Jeffrey Bacha, the funds will be used to further the company's artificial-intelligence-fuelled drug candidate research.

Mr. Bacha said: "We are continuing activities under our AI collaboration to screen billions of drug candidates against DNA-damage response targets. 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."

Defects on our natural DNA-damage response mechanism are involved in the formation and growth of approximately three out of every four cancers. First-generation DDR inhibitors, called PARP inhibitors, currently generate approximately $3-billion in annual sales, and have provided significant benefit to patients diagnosed with certain types of breast, ovarian and prostate cancer. Rakovina's goal is to advance one or more next-generation DDR drug candidates into human clinical trials in collaboration with pharmaceutical partners.

In connection with the private placement, the company paid a cash finder's fee to Hampton Securities Ltd. totalling $1,200 and issued 12,000 finders' warrants. Each finder's warrant entitles the holder thereof to subscribe for and purchase one common share at a purchase price of 20 cents for a period of three years from the date of issuance, subject to acceleration on the same terms as the warrants issued in connection with the private placement.

The private placement is subject to the final acceptance of the TSX Venture Exchange, and all securities issuable in connection with the private placement are subject to resale restrictions for a period of four months plus one day from the date of issuance.

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 novel 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 U.S. Food and Drug Administration, and similar international regulatory agencies.

We seek Safe Harbor.