TORONTO and HOUSTON, February 17, 2023 (GLOBE NEWSWIRE) — Medicenna Therapeutics Corp. (“Medicenna” or the “Company”) MDNAMDNA, a clinical-stage immuno-oncology company, announced today that it has entered into a sales agreement with Oppenheimer & Co. Inc. (“Oppenheimer & Co.”), acting as sales agent (the “Sales Agreement”), under which the Das Company may from time to time sell through “at-the-market” offerings on the Nasdaq Capital Market (the “Nasdaq”) such number of Common Shares for an aggregate offering price of up to $10 million (the “ATM Offering “) in the ATM Prospectus Supplement (as defined below). Medicenna, in its sole discretion, will determine the timing, minimum price and maximum number of common shares to be sold in the ATM Offering.

Oppenheimer & Co. will, at Medicenna’s discretion and direction, use commercially reasonable efforts to sell the common stock at prevailing market prices from time to time. No offering or sale of common stock will be made in Canada or through the facilities of the Toronto Stock Exchange (the “TSX”). The ATM Offering is being made by way of a prospectus supplement (the “ATM Prospectus Supplement”) to the Company’s final base prospectus in the United States, which is contained in the Company’s U.S. Registration Statement on Form F-3 (File Number 333-269868) dated February 17, 2023 (the “Registration Statement”).

The Registration Statement and an ATM Preliminary Prospectus Supplement have been filed in the United States with the US Securities and Exchange Commission (“SEC”). The TSX has approved the ATM offering subject to conditions and Nasdaq has been notified of the ATM offering.

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

The ATM offering will conclude with the sale of $10 million in common stock, whichever is earlier.