Mr. David Hyman reports

RAKOVINA THERAPEUTICS INC. ANNOUNCES Q3 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Rakovina Therapeutics Inc. has released its financial results for the quarter ended Sept. 30, 2023, and provided a corporate update.

Corporate highlights during the past quarter included:

• On Nov. 27, 2023, the company announced the appointment of Prof. Artem Cherkasov, professor in the department of urologic sciences, faculty of medicine, at the University of British Columbia, and senior scientist at the Vancouver Prostate Centre and Canada research chair in precision cancer drug design, to the company's scientific advisory board.
• On Nov. 20, 2023, the company announced the appointment of Prof. Petra Hamerlik, chair of translational neuro-oncology at the University of Manchester, and former CNS cancer bioscience lead at AstraZeneca PLC, to the company's scientific advisory board.
• During the past quarter, the company has continued preclinical research activities with the aim of advancing a lead candidate from its kt-3000 series program into human clinical trials during 2024.
• In October, 2023, Rakovina presented additional data from its kt-3000 series at the AACR-NCI-EORTIC Molecular Targets and Therapeutics meeting. These data demonstrate the potential of kt-3000 series drug candidates to treat cancers that are resistant to first-generation PARPi and potential to address unmet medical needs in the treatment of a range of cancers including leukemia, breast cancer, liver cancer, glioblastoma, prostate cancer, Ewing sarcoma and anaplastic thyroid cancer.
• In July, 2023, the company published a peer-reviewed manuscript in the Journal of Clinical Cancer Research describing preclinical data for a kt-3000 lead candidate, kt-3283, as a potential treatment for Ewing sarcoma, a rare childhood tumour.

"Profs. Hamerlik and Cherkasov joining our scientific advisory board signifies a pivotal step in our pursuit of cutting-edge advancements in oncology drug development," said Rakovina Therapeutics executive chairman Jeffrey Bacha.

He continued: "Our strides in the kt-3000 series program, especially the presentation at the AACR-NCI-EORTIC Molecular Targets and Therapeutics meeting and the publication in the Journal of Clinical Cancer Research, showcase the promising potential of our drug candidates. The ability to tackle resistant cancers and address unmet medical needs across various types of cancer is truly groundbreaking."

He added: "Moving forward, we're focused on translating this progress into meaningful clinical impact, aiming to initiate human trials with a lead candidate in 2024. Each milestone brings us closer to transforming the landscape of cancer treatment, offering hope and innovative solutions for patients worldwide."

About the kt-3000 series

Rakovina Therapeutics' kt-3000 series is a novel class of DNA-damage response inhibitors designed to selectively inhibit two important anti-cancer targets: poly(ADP) ribose polymerase (PARP) and histone deacetylase (HDAC). The combination of a PARP inhibitor with an HDAC inhibitor has shown potential synergy in laboratory studies; however, treatment of patients with the combination is associated with significant side effects. Data presented by Rakovina Therapeutics at recent scientific meetings demonstrate that kt-3000 lead candidates may provide dual-function synergy in the treatment of treatment-resistant cancers, while limiting treatment-related side effects.

Update on convertible debenture interest payment due Nov. 29, 2023

The company also reports that in accordance with the terms of an indenture entered into between the company and Odyssey Trust Company dated May 29, 2023, certain holders of 12.0-per-cent unsecured convertible debentures of Rakovina Therapeutics have elected to receive common shares of the company in lieu of cash in partial satisfaction of interest payable on Nov. 29, 2023.

Approximately $17,900 of the interest payable under the debentures will be settled by the issuance of common shares. The number of common shares to be issued to those debentureholders who have elected to receive common shares in lieu of cash interest payment will be determined in accordance with the terms of the indenture, by dividing the interest payable in cash on the interest payment date by the greater of (i) the five-day volume weighted average trading price of the common shares on the TSX Venture Exchange for the five trading days immediately prior to the interest payment date and (ii) the discounted market price (as defined in the policies of the TSX-V) on Nov. 28, 2023.

The issuance of common shares in lieu of cash is subject to the terms and conditions of the indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSX-V. Additional details regarding the Debentures can be found in the company's news releases dated May 1, 2023, and May 29, 2023, available under the company's profile on SEDAR+.

Summary financial results for the quarter ended Sept. 30, 2023

For the three and nine months ended Sept. 30, 2023, the company reported a net loss of $646,968 and $1,890,162, respectively. Research and development expenses were $426,852 and $1,252,165 for the three and nine months ended Sept. 30, 2023, respectively. General and administrative expenses were $163,416 and $568,496 for the three and nine months ended Sept. 30, 2023, respectively. Total cash expenses related to research and development and general and administrative expenses for the three months ended Sept. 30, 2023 were $429,671.

Rakovina Therapeutics' financial statements as filed with SEDAR+ can be accessed from the company's website.

About Rakovina Therapeutics Inc.

Rakovina Therapeutics 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 United States Food and Drug Administration, and similar international regulatory agencies.

We seek Safe Harbor.