08:25 AM EST, 12/03/2024 (MT Newswires) -- Rakovina Therapeutics ( RKVTF ) , a biopharmaceutical company, overnight Monday said it increased its previously announced private placement to C$3 million citing strong indications of interest from potential investors in the financing.

In separate news, RKV today announced participation at the 13th Annual Tumour Models Summit. The company's president and chief scientific officer, Prof. Mads Daugaard, has been invited as an expert speaker at the event, which will take place December 4-5, 2024, in London, UK. Prof. Daugaard will deliver a podium presentation highlighting RKV's research and the company's product development pipeline, followed by examples of various model systems used by the company in the development of cancer therapies.

On the overnight offering update, the company said it is structured as units priced at $0.06 each, with each unit consisting of one common share and one warrant to buy a common share. It added that each warrant entitles the holder to buy one additional common share at $0.10 per share, exercisable for two years. Moreover, the company retains the right to accelerate the warrant exercise period if the 20-day volume-weighted average price of its shares exceeds $0.30.

Rakovina plans to use proceeds to continue the discovery and advancement of novel cancer treatments and of its kt-3000 series with biotech and pharma companies through collaborations and partnerships.

Shares of Rakovina were down 11% at last close on the TSXV.