Medicenna Receives US $1.9 Million Non-Dilutive Grant Payment

Medicenna Therapeutics Corp.(“Medicenna” or the “Company”) (TSX: MDNA; OTCQB: MDNAF), a clinical stage immuno-oncology company, announced today that it has received US$1,915,264 (approximately, CD$2.5M) 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.

Of the funds received, US$1,073,397 represents a reimbursement for eligible expenditures previously incurred by Medicenna and US$841,867 represents an advance for expenditures to be incurred in 2019 related to the MDNA55 Phase 2b clinical trial for the treatment of recurrent glioblastoma, the most common and uniformly fatal form of brain cancer. – Bio Space