All dollar amounts reflected in Canadian dollars unless otherwise stated

VANCOUVER, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSXV: RKV) (the "Company"), a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies, is pleased to announce, further to the press release dated May 23, 2024, that it has received subscriptions totalling $1.7 million for its previously announced $1.5 million private placement. The terms of the private placement otherwise remain unchanged. To accommodate additional interest, the Company will upsize the financing to $2.0 Million, subject to TSX-V approval. The Company anticipates a first closing of the private placement on or about June 25, 2024.

"Rakovina Therapeutics has benefited greatly from the support of our long-term shareholders. With this financing we are pleased to welcome a new group of investors to the Company," said Rakovina Therapeutics' Executive Chairman, Jeffrey Bacha.

"These funds will be used to further accelerate research activities related to our recently announced AI drug-discovery partnership and expanded collaboration with the University of British Columbia and Pharma Inventor Inc. We remain steadfast in our mission to develop new treatments to improve the lives of those affected by cancer," he added.

AGM Elections
The Company is also pleased to announce the results of voting at its 2024 annual general meeting of shareholders held on June 20, 2024, in Vancouver, British Columbia (the "Meeting").

All four members of the Company's board of directors named as nominees in its management information circular dated May 20, 2024 (the "Circular") were re-elected as directors: Jeffrey Bacha, Dr. Dennis Brown, Alfredo De Lucrezia and Michael Liggett.

In addition, at the Meeting, the shareholders of the Company: (i) approved the re-appointment of Davidson & Company LLP as the Company's auditor until the next annual general meeting of shareholders; and (ii) re-approved the Company's existing omnibus equity incentive plan as set out in the Circular.

About Rakovina Therapeutics Inc.
Rakovina Therapeutics Inc. 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. Further information may be found at .

The TSXV has neither approved nor disapproved the content of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements:
This release includes forward-looking statements regarding the Company and its respective business, which may include, but is not limited to, statements with respect to the closing of the private placement, the proposed business plan of the Company and other statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of the Company. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, economic factors, regulatory factors and the need for regulatory approval, the equity markets generally and risks associated with growth and competition.

Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The reader is referred to the Company's most recent filings on SEDAR for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at .

For Further Information Contact:
David Hyman, Chief Financial Officer
info@rakovinatehrapeutics.com

Invest Relations & Media
Ira M. Gostin
ir@rakovinatherapeutics.com
775-391-0213