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Medicenna Establishes At-the-Market Sales Facility

Date Closed

February 17, 2023

Lead Office

Québec City


100.00 Million USD

On February 17, 2023, Medicenna Therapeutics Corp. (the “Company”), a clinical stage immuno-oncology company, announced that it had entered into a sales agreement with Oppenheimer & Co. Inc. (“Oppenheimer & Co.”) acting as sales agent (the “Sales Agreement”), pursuant to which the Company may, from time to time, sell through “at-the-market” offerings on the Nasdaq Capital Market (the “Nasdaq”) such number of common shares that would have an aggregate offering price of up to US$10 million (the “ATM Offering”) under the ATM Prospectus Supplement (as defined below). Medicenna will determine, at its sole discretion, the time, minimum price and maximum number of common shares to be sold under the ATM Offering. 

Oppenheimer & Co., at Medicenna’s discretion and instruction, will use its commercially reasonable efforts to sell the common shares at prevailing market prices from time to time. The ATM Offering will be made by way of a prospectus supplement (the “ATM Prospectus Supplement”) to the Company’s United States final base shelf prospectus which is contained in the Company’s U.S. registration statement on Form F-3 (File No. 333-269868), dated February 17, 2023 (the “Registration Statement”). 

The Registration Statement and a preliminary ATM Prospectus Supplement have been filed in the United States with the U.S. Securities and Exchange Commission (“SEC”). The TSX has conditionally approved the ATM Offering and the Nasdaq has been notified of the ATM Offering. 

The Company plans to use the net proceeds of the ATM Offering, if any, for general corporate purposes including, but not limited to, working capital expenditures, research and development expenditures, and clinical trial expenditures. 

The ATM Offering will terminate upon the earlier of the sale of US$10 million of common shares subject to the Sales Agreement or the termination of the Sales Agreement, as permitted therein.

McCarthy Tétrault advised Medicenna with a team led by Charles-Antoine Soulière that included Vincent Laurin, Jessica Vona and Annie Poirier-Simard (Securities).