Medicenna Strengthens Board of Directors by Appointment of Seasoned Biopharma Executive Ms. Karen Dawes

Announces Results of Annual Meeting of Shareholders

TORONTO and HOUSTON, Sept. 24, 2019 /PRNewswire/ - Medicenna Therapeutics Corp. ("Medicenna" or the "Company") (TSX: MDNA, OTCQB: MDNAF), a clinical stage immuno-oncology company, today announced the appointment of Ms. Karen Dawes to the Board of Directors of Medicenna and the voting results from the Company's annual meeting of shareholders held today, September 24, 2019 in Toronto (the "Meeting"). A total of 36.15% of the issued and outstanding common shares of the Company were represented in person and by proxy at the Meeting.

"Karen is an experienced and highly-regarded leader in the life sciences industry with extensive strategic expertise and considerable commercial background," said Dr. Fahar Merchant, Chairman, President and CEO. "As a seasoned independent director of NASDAQ listed biotech companies, we are delighted that she is bringing her insight and acumen to our board as we continue to make progress with our glioblastoma and immuno-oncology programs. We look forward to Karen's expert engagement and assistance in guiding our objectives to bring breakthrough medicines towards commercialization. I would also like to thank Dr. William Li for his contributions to the Medicenna board over the past two years."

"I'm excited to join Medicenna's Board and collaborate with other directors and the executive leadership team to contribute to the company's mission of developing and commercializing targeted immunotherapies for patients living with cancer," said Ms. Dawes. "During my long career in biopharma as an executive, consultant and an independent director, I've had multiple opportunities to help companies grow strategically. I look forward to sharing my expertise with my fellow board members and to help management in executing the company's goal of maximizing value for its shareholders."

With 20+ years of commercial and executive management Ms. Karen Dawes has been a key player in the successful development, launch and marketing of products including five that each exceeded annual sales of $1 billion dollars. Karen's industry experience began at Pfizer in product management, development, and strategy leading to her position as Vice-President, Marketing, Pratt Division. Karen then moved to biotech pioneer Genetics Institute (GI), where, as Chief Commercial Officer, she built the company's initial commercial operations. When GI was acquired by Wyeth (now Pfizer), Karen was appointed by the new parent company as Senior Vice-President, Global Strategic Marketing. Subsequently, Karen moved to Bayer Corporation as Division Head for the company's U.S. Pharmaceuticals Division. Ms. Dawes is currently President of Knowledgeable Decisions, a biopharmaceutical consulting firm focusing on corporate and commercial strategy. Ms. Dawes also serves as the chairperson of the board of directors of RepliGen (NASDAQ: RGEN) and is a member of the board of directors of Assertio Therapeutics, Inc. (NASDAQ: ASRT) and Medicines360, a not-for-profit women's health company. Karen has a combined B.A and M.A from Simmons College and a MBA from Harvard University.

Medicenna is pleased to announce that all of the nominees listed in the management proxy circular dated August 19, 2019 were elected as directors. Each of the directors was elected with greater than 99.9% of the votes cast by shareholders present at the Meeting or represented by proxy. The results of the vote are detailed below:

Medicenna shareholders also voted to re-appoint Davidson & Company LLP as auditor of the Company.

About Medicenna Therapeutics Corp.
Medicenna is a clinical stage immunotherapy company focused on oncology and the development and commercialization of novel, highly selective versions of IL-2, IL-4 and IL-13 Superkines and first in class Empowered Cytokines™ (ECs) for the treatment of a broad range of cancers. Supported by a US$14.1M non-dilutive grant from CPRIT (Cancer Prevention and Research Institute of Texas), Medicenna's lead IL4-EC, MDNA55, has completed enrolling patients in a Phase 2b clinical trial for rGBM, the most common and uniformly fatal form of brain cancer, at top-ranked brain cancer centres in the US. MDNA55 has been studied in five clinical trials involving 132 patients, including 112 adults with rGBM. MDNA55 has demonstrated compelling efficacy and has obtained Fast-Track and Orphan Drug status from the FDA and FDA/EMA respectively. For more information, please visit www.medicenna.com.

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements related to the fact that we continue to make progress with our glioblastoma and immuno-oncology programs, that we have breakthrough medicines and the future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the risks detailed in the annual information form of the Company dated June 24, 2019 and in other filings made by the Company with the applicable securities regulators from time to time.

The reader is cautioned that assumptions used in the preparation of any forward-looking information (including, without limitation, the ability of the Company to fully replicate these interim data results) may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.

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SOURCE Medicenna Therapeutics Corp.