Mr. Shushu Feng reports

MEDICENNA ANNOUNCES CLOSING OF PUBLIC OFFERING OF UNITS RAISING CDN$4.44 MILLION TO SUPPORT LEAD PROGRAMS

Medicenna Therapeutics Corp. has closed its previously announced marketed public offering of units of the company at a price to the public of 50 cents per unit, for aggregate gross proceeds to the company of approximately $4.44-million, before deducting offering expenses and excluding any proceeds the company may receive from the exercise of the underlying warrants. Pursuant to the offering, the company issued a total of 8.88 million units. Each unit comprises one common share and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to acquire one common share of the company at an exercise price of 65 cents per warrant share until the date that is three years following the initial closing date of the offering.

The offering was made pursuant to an agency agreement entered into between Bloom Burton Securities Inc., as sole agent, and the company dated May 21, 2026. An aggregate of 450,100 compensation warrants of the company were issued by the company in connection with the agency agreement, each broker warrant entitling the holder to acquire one common share of the company at an exercise price of 50 cents per share until the date that is two years following the initial closing date of the offering.

The offering was made pursuant to a prospectus supplement dated May 21, 2026, to the company's existing short form base shelf prospectus dated June 4, 2025, filed in the provinces of 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, the agency agreement and the prospectus supplement are available under the company's profile on SEDAR+.

In addition to the above offering and as announced previously, the company has entered into a separate structured financing of $8.0-million with Sorbie Bornholm LP and Sorbie Investments LLP.

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 nextgeneration 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 x 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 U.S. Food and Drug Administration (FDA) and FDA/EMA (European Medicines Agency), respectively.

We seek Safe Harbor.