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- Race Oncology (RAC) reports $1.8 million in cash outflows for the quarter, an increase from the $931,000 in outflows recorded in the previous quarter
- The company spent $890,000 during the period for research and development
- RAC’s focus is Zantrene, a small molecule anti-cancer drug in which the company announced numerous achievements for over the quarter
- At the end of the period, the company had $37.1 million in cash and cash equivalents
- Shares closed 2.81 per cent higher today at $2.93 each
Race Oncology (RAC) has reported $1.8 million in cash outflows in operating activities for the quarter, an increase from the $931,000 outflows recorded in the previous quarter.
The company spent $890,000 during the period for research and development. This is up from the $550,000 spent in the previous quarter.
RAC’s focus is Zantrene, a small molecule anti-cancer drug that has clinical and preclinical efficiency as both a low dose, highly targeted precision oncology agent and cardio-protective chemotherapeutic.
During the quarter, preclinical findings identified Zantrene’s success in reducing heart damage induced by two cancer treatments. It also found both drugs cancer-killing effects were strengthened from Zantrene.
The company raised $29.7 million to fund its Three Pillar strategy which will support the progress of its clinical programs.
RAC made continued progress in its Australian EMD AML program, announcing the ethics documentation submission, securing two additional USA patents, and adding R&D development capability via a collaboration with the University of Wollongong to further support formulation and new drug developments.
Chief Executive Officer Phillip Lynch said this quarter is important to set up future development.
“The most recent quarter has been significant. We now have an entirely novel and large opportunity in cardio-protection, an evolved and strategic “Three Pillar” program and importantly the required capital and human resources to deliver against these opportunities,” he said.
Since the end of the quarter, the company has received its FY2021 refund of $708,000 and has had an independent scientific publication released which confirms the success of Zantrene.
Looking ahead, the company expects to be providing updates for two of its pre-clinical studies and its one clinical study.
At the end of the period, the company had 37.1 million in cash and cash equivalents.
Shares closed 2.81 per cent higher today at $2.93 each.
