On May 19, 2026 Medicenna Therapeutics Corp. ("Medicenna" or the "Company") (TSX: MDNA), a clinical-stage immunotherapy company focused on the development of Superkines targeting cancer and autoimmune diseases, reported that it has finalized the terms of its previously-announced marketed underwritten public offering of securities of the Company, being an offering of units of the Company (the "Units") at a price to the public of $0.50 per Unit (the "Offering"). Each Unit will be comprised of one common share of the Company (a "Common Share") and one half of one warrant of the Company (each whole warrant, a "Warrant"), each Warrant entitling the holder thereof to acquire one Common Share (a "Warrant Share") at an exercise price of $0.65 until the date that is three years following the closing date of the Offering.

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Bloom Burton Securities Inc. ("Bloom Burton") is acting as sole agent for the Offering.

The Offering is expected to close on or around May 27, 2026, subject to the satisfaction of customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals.

The Company plans to use the net proceeds of the Offering primarily to advance the clinical and regulatory development of the Company’s lead programs (including MDNA11 and MDNA113), to fund working capital and for general corporate purposes.

The Offering will be made pursuant to a prospectus supplement (the "Prospectus Supplement") to the Company’s existing short form base shelf prospectus dated June 4, 2025 (the "Base Shelf Prospectus") to be filed in British Columbia, Alberta and Ontario. The Units may also be offered in certain other jurisdictions outside of Canada, provided that a placement therein does not give rise to any prospectus, registration or continuous disclosure obligations on the part of the Company.

The Base Shelf Prospectus is available under the Company’s profile on SEDAR+ at www.sedarplus.ca and, upon the signing of an agency agreement between the Company and Bloom Burton, the Prospectus Supplement will be filed and available on SEDAR+ at www.sedarplus.ca.

The Common Shares comprising the Units and the Warrant Shares described above have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any U.S. state securities laws and may not be offered or sold in the "United States" (as such term is defined in Regulation S under the 1933 Act) except pursuant to an effective registration statement under the 1933 Act and applicable U.S. state securities laws or an available exemption from the registration requirements of the 1933 Act and applicable U.S. state securities laws.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on SEDAR+ at www.sedarplus.ca. Alternatively, an electronic or paper copy of the Base Shelf Prospectus, the Prospectus Supplement (when filed), and any amendment to the documents may be obtained without charge, from Bloom Burton by email at [email protected], by telephone at 416-640-7585 or by providing the contact with an email address or address, as appliable. The Base Shelf Prospectus and the Prospectus Supplement contain important, detailed information about the Company and the Offering. Prospective investors should read the Base Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.

(Press release, Medicenna Therapeutics, MAY 19, 2026, View Source [SID1234665863])