Vancouver, British Columbia–(Newsfile Corp. – April 5, 2021) – Rakovina Therapeutics Inc. is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “RKV”, following its qualifying transaction with Capital Pool Company Vincero Capital. The company’s focus is the development of new cancer treatments and is researching and developing new precision medicines targeting critical DNA damage response mutations that are the hallmarks of many cancers.
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The company has acquired certain rights to three classes of novel preclinical small-molecule drug candidates with well established proof-of-concept. The company’s initial research activities focus primarily around the kt-2000 series of PARP inhibitors, a type of targeted cancer drug. PARP is a key enzyme involved in sensing and repairing DNA single-strand breaks, which if left unrepaired, will devolve into double-strand breaks, which are lethal to the cancer cell.
PARP-inhibitors prevent PARP from repairing single strand breaks, leading to increased double strand breaks. Cancer cells that are deficient in double strand break repair, such as those with BRCA mutations, will be killed indirectly by blocking PARP in a process known as “synthetic lethality”.
Damage response mutations can be considered the Achilles’ heel of many tumors including breast, ovarian, prostate and pancreatic cancer. These mutations allow tumor cells to evade the human immune system and grow into life-threatening cancer, but they also define potential cancer-specific vulnerabilities that can be targeted with new precision medicine approaches. Management believes that damage response mutations will provide opportunities to personalize therapy to specific biological features of a patient’s tumor, thereby leading to high-value treatments with fewer side effects and improved treatment outcomes.
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 FDA and similar international regulatory agencies.
Jeffrey Bacha, Executive Chairman, stated: “The capitalization of Rakovina Therapeutics and commencement of trading on the TSX Venture Exchange is a major milestone in our commitment to extending the lives and improving outcomes of patients with cancer. We are pleased to assemble this experienced team to lead research conducted through our collaboration with the University of British Columbia with the near-term goal of building upon already-established proof-of-concept data and advancing Rakovina’s drug candidates toward human clinical trials.”
The company raised gross proceeds of $4,565,900 from an oversubscribed placement of 22,829,500 units priced at $0.20 per unit. Each unit consisted of one share and one-half a warrant, with the full warrant exercisable at $0.40 for 24 months.
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