Medicenna Therapeutics Reports Third Quarter Fiscal 2024 Financial Results and Corporate Update

With the Response Rate increasing to 23%, MDNA11 continues to show compelling single-agent activity in the ABILITY-1 study amongst high-dose phase-2 eligible patients (N=13) that failed checkpoint inhibitor therapies, while maintaining an acceptable safety profile

Tumor shrinkage was also observed in all high-dose phase-2 eligible patients with stable disease (SD). In addition to a new PR, the clinical benefit rate (PR plus SD for over 24 weeks) and tumor control rate (PR plus all SD) increased to 46% and 69%, respectively

First patient was dosed in Phase 1 combination escalation portion of the ABILITY Study evaluating MDNA11 with KEYTRUDA (pembrolizumab)

Additional monotherapy data updates and preliminary combination escalation and expansion data to be shared in H1 and H2 of 2024

Cash runway extended through multiple data readouts and into Q2 of calendar 2025

TORONTO and HOUSTON, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Medicenna Therapeutics Corp. (“Medicenna” or the “Company”)(TSX: MDNA, OTCQB: MDNAF), a clinical-stage immunotherapy company focused on the development of Superkines, today announced financial results and corporate highlights for the third quarter of fiscal 2024, ended December 31, 2023, and outlined its strategic outlook for 2024.

“We are off to a solid start in 2024 with further validation of single-agent anti-tumor activity of our IL-2 super-agonist, MDNA11, in the ABILITY-1 study,” said Dr. Fahar Merchant, President and CEO of Medicenna. “We are encouraged by another PR, increasing the total number of PRs to 3 in patients with prior failure from immune checkpoint therapy. With response rates above 20% at this early stage of the trial in high-dose phase-2 eligible patients, we believe that MDNA11’s differentiated mechanism demonstrates its clinical superiority to competing IL-2 programs. This is especially gratifying in view of the desirable safety, pharmacokinetic and pharmacodynamic characteristics observed to date. We look forward to reporting additional monotherapy dose expansion and combination escalation and expansion data from the ABILITY-1 study during H1 and H2 2024.”

Dr. Merchant continued, “We believe 2024 will be a transformational year for Medicenna as we continue advancing our mid- and late-stage MDNA11 and bizaxofusp assets for patients battling difficult to treat cancers. The global multi-arm Phase 1/2 ABILITY-1 study is expanding to various cancer centers in the US, Canada, Australia, South Korea and Europe evaluating MDNA11 as a single-agent and in combination with KEYTRUDA in patients with advanced solid tumors. For bizaxofusp, we plan to seek Breakthrough Therapy Designation from the FDA, in addition to securing alignment with the EMA for the Phase 3 trial design supported by the FDA. These endeavors will further enhance potential partnership activities for bizaxofusp. We are excited for the year ahead and are increasingly confident about the significant potential of our evolutionary cytokines and delivering on our mission to bring revolutionary medicines to patients.”