TORONTO — November 6, 2025 — BiotechReporter.news
Medicenna Therapeutics Corp. (Nasdaq:MDNA) has secured US$20 million in private financing from U.S.-based biotech investors, accelerating development of its next-generation interleukin-2 (IL-2) platform targeting solid tumors and autoimmune diseases.
The Toronto-based company said the funds will support Phase 2 trials for its lead candidate MDNA11, as well as expand preclinical work on its bispecific Superkine programs. The financing arrives amid renewed investor interest in cytokine-based immunotherapies, a space once overshadowed by checkpoint inhibitors and CAR-T technologies.
“This capital allows us to advance our pipeline with greater speed and flexibility,” said Dr. Fahar Merchant, Medicenna’s chief executive. “We’re seeing strong enthusiasm for our approach to modulating the immune system with precision.”
Shares of Medicenna climbed 14 per cent on the news, reversing a six-month decline and drawing fresh attention to the company’s Nasdaq and TSX dual listing. The firm’s market capitalization now sits near C$60 million, with analysts noting its appeal to both Canadian retail investors and U.S. institutional funds.
MDNA11, the company’s engineered IL-2 candidate, is designed to selectively activate cancer-fighting immune cells while minimizing toxicity—a challenge that has long plagued legacy cytokine therapies. Early-stage data from dose-escalation studies suggest the molecule may offer a more targeted and tolerable alternative.
Medicenna’s modular Superkine platform also allows for rapid adaptation across multiple disease indications, including autoimmune disorders and rare cancers. The company plans to initiate additional trials in 2026, pending regulatory feedback and manufacturing scale-up.
While still considered a speculative play in Canada’s biotech sector, Medicenna’s recent momentum and differentiated pipeline have positioned it as a rising contender in the immunotherapy space.
