Dr. Fahar Merchant reports

MEDICENNA THERAPEUTICS ANNOUNCES CA$20 MILLION INVESTMENT FROM RA CAPITAL MANAGEMENT

Medicenna Therapeutics Corp. has arranged a $20-million investment by RA Capital Management, a multistage investment manager based in Boston, Mass., by way of a non-brokered private placement. Medicenna intends to use the net proceeds from the offering for further development of its MDNA11 program, advancement of its preclinical programs and general corporate purposes.

Pursuant to the terms of a subscription agreement entered into as of the date hereof between the company and RA Capital Healthcare Fund LP (RAHF), a fund affiliated with RA Capital Management, RAHF will subscribe for 5,141,388 common shares in the capital of the company at a price of $1.95 per share and, in lieu of common shares, prefinanced warrants to purchase 5,141,388 common shares at a purchase price of $1.94 per prefinanced warrant for total net proceeds to the company of approximately $20-million.

The offering is expected to close on or about April 30, 2024, and is subject to the approval of the Toronto Stock Exchange.

"We are excited to announce the financial backing by RA Capital Management as a result of promising single-agent clinical activity of MDNA11, our differentiated IL-2 superkine," said Dr. Fahar Merchant, president and chief executive officer of Medicenna. "With this funding, we have strengthened our balance sheet at a time of strong momentum, demonstrated enthusiasm for our platform by attracting a prestigious investor and extended our cash runway well into 2026, enabling us to exploit the deep clinical potential of MDNA11 and our pipeline of early-stage superkines."

About Medicenna Therapeutics Corp.

Medicenna is a clinical-stage immunotherapy company focused on developing novel, highly selective versions of IL-2, IL-4 and IL-13 superkines and first-in-class empowered superkines. Medicenna's long-acting IL-2 superkine, MDNA11, is a next-generation IL-2 with superior affinity toward CD122 (IL-2 receptor beta) and no CD25 (IL-2 receptor alpha) binding, thereby preferentially stimulating cancer-killing effector T cells and NK cells. Medicenna's IL-4 empowered superkine, bizaxofusp (formerly MDNA55), has been studied in five clinical trials enrolling over 130 patients, including a phase 2b trial for recurrent GBM (glioblastoma), the most common and uniformly fatal form of brain cancer. Bizaxofusp has obtained fast-track and orphan drug status from the FDA (U.S. Food and Drug Administration) and FDA/EMA (European Medicines Agency), respectively. Medicenna's early-stage Biskits (bifunctional superkine immunotherapies) and the T-Mask (targeted metalloprotease activated superkine) programs are designed to enhance the ability of superkines to treat immunologically cold tumours.

We seek Safe Harbor.