Immunotherapy company Medicenna Therapeutics Corp (TSX:MDNA)(OTCQB:MDNAF) reported on Wednesday the receipt of USD1.22m from the Cancer Prevention and Research Institute of Texas (CPRIT).

The payment is part of a total non-dilutive grant of up to USD14.1m, which is repayable out of potential future revenues associated with commercial sale of products developed with the grant proceeds.

The CPRIT funds received represent a partial reimbursement for eligible expenditures incurred by Medicenna related to the MDNA55 Phase 2b clinical trial for the treatment of recurrent glioblastoma, the most common and uniformly fatal form of brain cancer.

Following the non-dilutive grant from CPRIT, Medicenna's lead IL4-EC, MDNA55 is enrolling patients in a Phase 2b clinical trial for recurrent glioblastoma (rGBM), the most common and uniformly fatal form of brain cancer, at top-ranked brain cancer centres in the US. MDNA55 has completed three clinical trials in 72 patients, including 66 adults with rGBM, demonstrated compelling efficacy and obtained Fast-Track and Orphan Drug status from the US FDA and FDA/EMA respectively.