- Race Oncology (RAC) enters a trading halt as it plans an upcoming capital raise
- Currently, it is not known how much the company is aiming to raise or where the funds will be used
- Company shares will be paused until Thursday, November 25, or when further details about the raise are released to the market
- Yesterday, the company found a breakthrough heart protection discovery for Zantrene and is now planning a phase 2b trial for 2022
- On the market, Race Oncology last traded at $3.77 per share
Race Oncology (RAC) has entered into a trading halt as it plans an upcoming capital raise.
It is currently not known how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Thursday, November 25, or when further details about the raise are released to the market.
Race is an oncology company with a phase 2/3 cancer drug called Zantrene.
Yesterday, the company found a breakthrough heart protection discovery for Zantrene.
Interim research results found the drug can protect heart muscles from anthracycline-induced cell death, while improving the killing of breast cancer cells.
Anthracyclines are one of the most effective anti-cancer treatments developed. However, they can cause permanent damage.
A phase 2b trial is being planned for 2022 in breast cancer patients at high risk of anthracycline-caused heart damage.
Today, the company also had its annual general meeting, during which Managing Director Phil Lynch labelled 2020/2021 to be a period of “significant progress for Race.”
“We have built a select and highly capable team, which has planned and completed
important pre-clinical programs that positively capitalise on the FTO opportunity, most
recently reported for melanoma,” he said.
“We have also generated unexpectedly positive new preclinical data and insight indicating Zantrene provides cardio-protection, when used adjunctively with a traditional anthracycline chemotherapeutic. This is both a significant preclinical observation as well as a potentially large commercial opportunity for Race given there are few products that compete in this field.”
Shares in Race Oncology last traded at $3.77 per share on November 22.