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- Race Oncology (RAC) reports a slight decrease in cash and equivalents to $8.94 million as of 30 September 2021, down from $9.32 million as of 30 June 2021
- The minimal decrease in cash reserves, according to Race, reflects option exercise proceeds and a return to a reduced expenditure cadence
- By the end of the quarter, the group had 9198 shareholders, which Race said is a testament to “the continued strong shareholder interest in Race’s progress”
- Race CEO Phillip Lynch says the preclinical and clinal programs for its phase 2/3 cancer medication Zantrene, are ‘successfully’ progressing
- Shares in RAC are trading 1.24 per cent higher to $3.26
Race Oncology (RAC) has posted a nominal decline in cash and equivalents as of 30 September 2021 to $8.94 million, down from $9.32 million as of 30 June 2021.
The minimal decrease in cash reserves, according to Race, reflects option exercise proceeds and a return to a reduced expenditure cadence ($931,000 versus $2.807 million in the preceding quarter), as predicted in the last quarterly report.
Race Oncology is an ASX-listed precision oncology firm that is developing Zantrene, a phase two/three cancer medication.
Zantrene, according to Race, is an effective inhibitor of the Fatso/Fat mass and obesity associated (FTO) protein.
Race is investigating the potential of Zantrene as a novel treatment for melanoma and clear cell renal cell carcinoma, two malignancies that frequently over-express FTO.
Race CEO Phillip Lynch said the preclinical and clinical programs for its phase two and three cancer medication Zantrene, are ‘successfully’ progressing.
“We were particularly excited with the interim melanoma results where Zantrene was shown to inhibit melanomas with FTO expression,” he said.
“Those results provide a strong early validation of our thesis that Zantrene could have a significant patient and economic opportunity. We are now moving to determine appropriate clinical translation plans.”
The group has an estimated 9.6 quarters of funding available.
By the end of the quarter, the group had 9198 shareholders, which Race said is a testament to “the continued strong shareholder interest in Race’s progress through Q1 FY2022”.
The first patient in the phase 1b/2 combination Acute Myeloid Leukemia (AML) research, where Zantrene is being tested in patients with relapsed/refractory (R/R) AML, was dosed in the September 2021 quarter.
According to Race, the early preclinical data from its University of Newcastle partners, which revealed Zantrene to be extremely effective at killing a varied spectrum of melanoma cell subtypes at low (sub-chemotherapeutic) doses.
In the report, Race said the findings also revealed a link between FTO protein levels in cancer cells and susceptibility to Zantrene.
Shares in RAC were trading 1.24 per cent higher to $3.26 at 2:57 pm AEDT.
