Ms. Shushu Feng reports

MEDICENNA ANNOUNCES THE FINALIZATION OF THE TERMS OF ITS PUBLIC OFFERING OF SECURITIES

Medicenna Therapeutics Corp. has finalized the terms of its previously announced marketed underwritten public offering of securities of the company, being an offering of units of the company at a price to the public of 50 cents per unit. Each unit will be composed of one common share of the company and one-half of one warrant of the company, each warrant entitling the holder thereof to acquire one common share at an exercise price of 65 cents until the date that is three years following the closing date of the offering.

Bloom Burton Securities Inc. is acting as sole agent for the offering.

The offering is expected to close on or around May 27, 2026, subject to the satisfaction of customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals.

The company plans to use the net proceeds of the offering primarily to advance the clinical and regulatory development of the company's lead programs (including MDNA11 and MDNA113), to finance working capital and for general corporate purposes.

The offering will be made pursuant to a prospectus supplement to the company's existing short form base shelf prospectus dated June 4, 2025, to be filed in British Columbia, Alberta and Ontario. The units may also be offered in certain other jurisdictions outside of Canada, provided that a placement therein does not give rise to any prospectus, registration or continuous disclosure obligations on the part of the company.

The base shelf prospectus is available under the company's profile on SEDAR+, and, upon the signing of an agency agreement between the company and Bloom Burton, the prospectus supplement will be filed and available on SEDAR+.

Access to the base shelf prospectus, the prospectus supplement and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The base shelf prospectus is, and the prospectus supplement will be (within two business days of the date hereof), accessible on SEDAR+. Alternatively, an electronic or paper copy of the base shelf prospectus, the prospectus supplement (when filed) and any amendment to the documents may be obtained without charge from Bloom Burton by e-mail at ECM@bloomburton.com, by telephone at 416-640-7585, or by providing the contact with an e-mail address or address, as applicable. The base shelf prospectus and the prospectus supplement contain important, detailed information about the company and the offering. Prospective investors should read the base shelf prospectus and prospectus supplement (when filed) before making an investment decision.

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 first-in-class targeted PD-1 by IL-2 bifunctional, MDNA113, is in development for solid tumours and was designed using the company's proprietary BiSKITs (bifunctional superkine immunotherapies) and T-mask (targeted metalloprotease activated superkine) platforms. 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, the most common and uniformly fatal form of brain cancer. Bizaxofusp has obtained fast-track and orphan drug status from the Food and Drug Administration and FDA/European Medicines Agency, respectively.

We seek Safe Harbor.