All dollar amounts reflected in Canadian dollars unless otherwise stated.

VANCOUVER, British Columbia, July 22, 2024 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV) (the "Company"), a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies, announces that, further to the press releases dated May 23, 2024, June 20, 2024 and July 19, 2024, the Company has received subscriptions for an aggregate of $2,000,000 worth of units of the Company and has issued and closed on 19,200,000 units.

Subject to TSX Venture Exchange approval and further to our press release dated July 19, 2024 announcing the upsizing of the private placement to $2.3 million, the Company anticipates closing on the remaining amount under the private placement by the end of this week.

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 TSX-V has neither approved nor disapproved the content of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) 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 timeline of the private placement, TSX Venture Exchange approval for the upsizing, 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

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