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Race Oncology (ASX:RAC) has issued news of the completion of its recent A$3.2M placement – something that shareholders on the HotCopper forums typically don’t like, but with the placement raised at a premium to the company’s share price, and not a discount, the result has been a +8% climb for RAC securities.
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“In combination with funds received from Race shareholders from early conversion of the May 2026 $1.25 piggyback options, and a binding commitment from CEO Dr Daniel Tillett to convert his $1.25 options, this Placement provides the funding required to undertake [an upcoming trial],” the company wrote on Tuesday.
The premium Race raised at was $2.83/sh, higher than the $2.67/sh close price prior to its announcement; shares jumped north of the placement price on Tuesday morning.
For those out of the loop, Race has shot to prominence in recent history after confirming it logged the mechanism of action behind its cancer drug bisantrene, which is a chemo-like drug but, all cards in order, without the side effects chemotherapy is infamous for.
In this case, the placement will be used to fund an upcoming Phase 1a/b lung cancer trial called HARNESS with sophs largely participating in the placement. First enrolment is set for the latter days of Q1 CY26; Australian ethics bodies have already greenlit the study, more or less making all systems go.
“We are blessed to have such supportive shareholders who share our belief in the potential of RC220 to transform cancer patients’ lives. I wish to thank all the shareholders who participated in this placement,” RAC CEO Dr. Daniel Tillett said.
RAC last traded at $2.88/sh.
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