Medicenna Spikes on U.S. Non-Dilutive Grant

New developments in the medical field, as Toronto-based Medicenna Therapeutics Corp. (TSX-Venture:MDNA), which also has offices in Houston, received about $1.9 million U.S. (approximately $2.5 million Canadian) from the Cancer Prevention and Research Institute of Texas.

The payment is part of a total non-dilutive grant of up to $14.1 million U.S., which is repayable out of potential future revenues associated with commercial sale of products developed with the grant proceeds.

Of those funds, just over $1 million U.S. represents a reimbursement for eligible expenditures previously incurred by Medicenna and $841,867 U.S. represents an advance for expenditures to be incurred in 2019 related to the MDNA55 Phase 2b clinical trial for the treatment of recurrent glioblastoma, the most common and uniformly fatal form of brain cancer.

Shares in MDNA gained six cents, or 4.2%, to $1.50, on volume of 37,000 shares.