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Edison Oncology, Rakovina Therapeutics Partner on PARP Inhibitor Program

NEW YORK – Edison Oncology said last week that it has out-licensed the worldwide rights to its DNA damage response inhibitors and EO2000 PARP inhibitor technology program to Rakovina Therapeutics.

Edison's assets are in line with Vancouver-based Rakovina's focus on developing cancer treatments using novel DNA damage response technologies. In exchange for the rights to Edison's drugs and the EO2000 program, Rakovina has issued 43 percent of its outstanding common shares to Edison subsidiary NewGen Therapeutics.

According to Edison CEO Jeffrey Bacha, the firm will work with Rakovina to establish it as a developer of DNA damage response technologies, and its substantial ownership will "provide opportunities for significant value creation as Rakovina advances its pipeline toward human clinical trials." According to Menlo Park, California-based Edison, the PARP inhibitors included in the deal have shown potent anti-cancer activity in preclinical animal models.

In March, Rakovina announced the completion of a private placement, which raised gross proceeds of C$NNN 4.6 million ($3.7 million). Subsequently, last week, the company's common shares began trading on TSX Venture Exchange under the symbol "RKV". Rakovina is also working on lead optimization research in collaboration with the University of British Columbia.

As part of its licensing deal with Edison, Bacha has joined Rakovina's board of directors as executive chairman. Edison's Chairman Dennis Brown has also joined Rakovina's board.