Mr. Fahar Merchant reports

MEDICENNA ANNOUNCES PRICING OF MARKETED OFFERING OF UNITS

Medicenna Therapeutics Corp. has priced its previously announced marketed offering of units of the company. The company intends to issue a minimum of four million units and a maximum of six million units at a price of $1 per unit for minimum gross proceeds of $4-million and maximum gross proceeds of $6-million. Each unit is composed of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $1.20 per common share for a period of 60 months following the closing of the offering.

The offering will be undertaken on a best effort basis pursuant to the terms and conditions of an agency agreement entered into between Bloom Burton Securities Inc. (the lead agent), Mackie Research Capital Corp. and Richardson GMP Ltd. and the company. In connection with the offering, the agents will be paid a cash commission equal to 7.0 per cent of the aggregate gross proceeds of the offering and will be issued broker warrants exercisable to acquire such number of common shares as is equal to 7.0 per cent of the aggregate number of units sold pursuant to the offering.

A preliminary short-form prospectus in respect of the offering dated Nov. 8, 2018, has been filed in each of the provinces of British Columbia, Alberta and Ontario. A copy of the preliminary prospectus is available under the company's profile at SEDAR.

The net proceeds of the offering will be used to finance continued clinical development of the company's continuing phase 2b clinical trials of MDNA55 in recurrent glioblastoma (rGBM) and the company's development of IL-2 superkines, as well as for working capital and other general corporate purposes. Further details are disclosed in the preliminary prospectus.

The offering is subject to the satisfaction of certain customary closing conditions, including, but not limited to, the approval of the Toronto Stock Exchange.

About Medicenna Therapeutics Corp.

Medicenna is a clinical-stage immunotherapy company focused on oncology and the development and commercialization of novel, highly selective versions of IL-2, IL-4 and IL-13 superkines and first-in-class empowered cytokines (ECs) for the treatment of a broad range of cancers. Medicenna's wholly owned subsidiary, Houston-based Medicenna Biopharma Inc., is specifically targeting the Interleukin-4 receptor (IL4R), which is overexpressed by at least 20 different types of cancer affecting more than one million new cancer patients every year. Supported by a significant non-dilutive grant from CPRIT (Cancer Prevention and Research Institute of Texas), Medicenna's lead IL4-EC, MDNA55, is enrolling patients in a phase 2b clinical trial for rGBM, the most common and uniformly fatal form of brain cancer, at top-ranked brain cancer centres in the United States. MDNA55 has completed three clinical trials in 72 patients, including 66 adults with rGBM, demonstrated compelling efficacy, and obtained fast-track and orphan drug status from the Food and Drug Administration and FDA/EMA, (European Medicines Agency), respectively.

We seek Safe Harbor.