Join our daily newsletter At The Bell to receive exclusive market insights
- Race Oncology (RAC) has entered a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until May 5 or when more details regarding the raise are released, whichever occurs first
- On April 28, Race revealed it is teaming up with The University of Newcastle to investigate the heart safety of its Bisantrene drug
- The heart safety of the drug has been shown in clinical trials, however, how it avoids causing cardiotoxicity is unknown
- This partnership will test Bisantrene against anthracycline therapies which are commonly used in breast cancer treatment
- Shares in Race last traded at $3.07 on April 30
Race Oncology (RAC) has entered a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until May 5 or when more details regarding the raise are released, whichever occurs first.
Race is yet to disclose how much it intends to raise or what it will do with the funds once received.
On April 28, Race revealed it is teaming up with The University of Newcastle to investigate the heart safety of its Bisantrene drug.
The heart safety of the drug has been shown in clinical trials, however, how it avoids causing cardiotoxicity is unknown.
According to Race, Bisantrene is a “small molecule anti-cancer drug which has potential as both a low dose, highly targeted precision oncology agent and a high dose, less cardiotoxic chemotherapeutic”.
This partnership will test Bisantrene against anthracycline therapies which are commonly used in breast cancer treatment.
Results are expected to be reported on over the coming year.
Shares in Race last traded at $3.07 on April 30. The company has a $433.1 million market cap.
