Medicenna Appoints Dr. William Li to Board of Directors

Announces Results of Annual and Special Meeting of Shareholders

TORONTO and HOUSTON, TX, Sept. 21, 2017 /PRNewswire/ - Medicenna Therapeutics Corp. ("Medicenna" or the "Company") (TSX: MDNA), a clinical stage immuno-oncology company, today announced that it has appointed Dr. William Li to its Board of Directors.

"We are delighted to appoint such an outstanding and experienced oncology drug development expert to our Board of Directors" said Dr. Fahar Merchant, Chairman, President and CEO, "Dr. W. Li adds depth to our existing Board as we position ourselves for clinical success in 2018."

Dr. William Li is a seasoned executive, leading innovation in cancer therapeutics, diagnostics, and imaging for over two decades.  He is CEO, President and Co-Founder of the Angiogenesis Foundation and has served as executive strategic consultant in oncology drug development for Bayer, Genentech, Sanofi-Aventis, Novartis, Pfizer, among others, and advised leaders at major investment banks.  As an eminent oncology innovator, Dr. Li has collaborated with major medical academic centers, biopharmaceutical companies and government agencies, including the NIH, NCI and the FDA. Dr. Li has extensive expertise in tumor angiogenesis, in vivo angiogenesis models, angiogenesis therapeutic development and clinical trials. He is a published author in leading research journals, peer reviewed publications and has been a speaker at TED. A graduate of Harvard College and the University of Pittsburgh School of Medicine, Dr. Li completed his residency training at the Massachusetts General Hospital. Dr. Li has held appointments on the clinical faculties of Harvard Medical School, Tufts University, and at Dartmouth Medical School. He is currently a member of the board of directors of another immuno-oncology company, Leap Therapeutics, Inc (LPTX, Nasdaq).

AGM Results:

Medicenna held its annual and special meeting of shareholders today, September 21, 2017 in Toronto (the "Meeting"). A total of 75.83% of the issued and outstanding common shares of the Company were represented in person and by proxy at the Meeting.

Medicenna is pleased to announce that all of the nominees listed in the management proxy circular dated August 15, 2017 were elected as directors.  Each of the directors was elected with greater than 99% 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.

In addition, all other resolutions placed before the Meeting were approved by the shareholders, including (i) a resolution for the approval of the 2017 stock option plan of the Company and (ii) a resolution for the approval of the continuance of the Company under the laws of Canada.

About Medicenna Therapeutics Corp.

Medicenna is a clinical stage immuno-oncology company developing novel highly selective versions of IL-2, IL-4 and IL-13 Superkines™ and first in class Empowered Cytokines™ (ECs).  Its wholly owned subsidiary, Houston-based Medicenna BioPharma, is specifically targeting the Interleukin-4 Receptor (IL4R), which is over-expressed by at least 20 different types of cancer affecting more than one million new cancer patients every year. Medicenna's lead IL4-EC, MDNA55 is enrolling patients in a Phase 2b clinical trial for rGBM at leading brain cancer centres in the US. MDNA55 has completed 3 clinical trials in 72 patients, including 66 adults with rGBM, demonstrated compelling efficacy and obtained Fast-Track and Orphan Drug status from USFDA. Unlike most other cancer therapies, Medicenna's IL4-ECs have the potential to purge both the tumor and the immunosuppressive tumor microenvironment, offering a unique treatment paradigm for a large majority of cancer patients.

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 regarding future plans and objectives of the Company, the possibility of clinical success in 2018 and others 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 15, 2017 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 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.

SOURCE Medicenna Therapeutics Corp.