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Medicenna Receives Non-Dilutive Grant Payment
TORONTO and HOUSTON, May 1, 2019 /PRNewswire/ - Medicenna Therapeutics Corp. ("Medicenna" or the "Company") (TSX: MDNA; OTCQB: MDNAF), a clinical stage immuno-oncology company, announced today that it has received US$757,940 (approximately, CD$1.02M) from the Cancer Prevention and Research Institute of Texas ("CPRIT"). The payment is part of a total non-dilutive grant of up to US$14.1 million which is repayable out of potential future revenues associated with commercial sale of products developed with the grant proceeds.
The funds received represent a partial reimbursement for eligible expenditures incurred by Medicenna related to the MDNA55 Phase 2b clinical trial for the treatment of recurrent glioblastoma, the most common and uniformly fatal form of brain cancer.
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, is specifically targeting the Interleukin-4 Receptor (IL4R), which is over-expressed by at least 20 different types of cancer affecting more than one million new cancer patients every year. Supported by a non-dilutive grant of up to US$14.1M from CPRIT, Medicenna's lead IL4-EC, MDNA55 has completed enrolling patients in a Phase 2b clinical trial for recurrent glioblastoma (rGBM), the most common and uniformly fatal form of brain cancer, at top-ranked brain cancer centres in the US. MDNA55 has been used in five clinical trials in 132 patients, including 112 adults with rGBM, demonstrated compelling efficacy and obtained Fast-Track and Orphan Drug status from the FDA and FDA/EMA respectively. For more information, please visit www.medicenna.com.
SOURCE Medicenna Therapeutics Corp.