Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Race Oncology (RAC) is looking to raise $5.4 million in an oversubscribed placement alongside a new bonus offer
  • Under the placement, the company will issue around 1.8 million new shares at $3 each — a 2.3 per cent discount on its recent trading levels
  • Race has also announced a bonus option to existing eligible shareholders on the basis of one bonus option for every 20 shares held
  • Funds from the placement will be put towards developing the company's anti-cancer drug, Bisantrene
  • On the market, Race is up 5.21 per cent and is trading at $3.23 per share

Race Oncology (RAC) is looking to raise $5.4 million in an oversubscribed placement alongside a new bonus offer.

Under the placement, the company will issue around 1.8 million new shares for $3 each — a 2.3 per cent discount on its recent trading levels.

Participants in the placement will receive one free attaching option for every 20 new shares subscribed for.

Funds from the placement will provide Race with additional capital to be deployed towards its three-pillar strategy, through which the company is investigating its Bisantrene candidate as a potential precision oncology agent and a heart-friendlier chemotherapeutic.

Last month, the company revealed it is teaming up with The University of Newcastle to investigate the heart safety of its Bisantrene drug.

Race has also announced a bonus option to existing eligible shareholders on the basis of one bonus option for every 20 shares held.

"We thank our new and existing shareholders for their continuing support. We believe that this raise will accelerate our plans and rewards our loyal shareholders," CSO Dr Dainel Tillett said.

"Race remains efficient with our capital usage and will always be focused on achieving the best outcome for our shareholders and the patients who may be helped by Bisantrene," he added.

On the market, Race is up 5.21 per cent and is trading at $3.23 per share at 11:23 am AEST.

RAC by the numbers
More From The Market Herald
AnteoTech (ASX:ADO) - CEO, Derek Thomson - The Market Herald

" AnteoTech (ASX:ADO) signs COVID-19 test manufacturing contract

AnteoTech (ADO) has finalised and signed a contract manufacturing agreement with Spanish manufacturer, Operon.
Botanix Pharmaceuticals (ASX:BOT) - President & Executive Chairman, Vince Ippolito - The Market Herald

" Botanix Pharmaceuticals (ASX:BOT) receives encouraging results from canine study

Botanix Pharmaceuticals (BOT) says it has received encouraging results from a small pilot study of its synthetic CBD treatment in canines with atopic
Healthia (ASX:HLA) to purchase The Eyecare Place

" Healthia (ASX:HLA) to purchase The Eyecare Place

Healthia (HLA) has entered into agreements to purchase The Eyecare Place, an optical store located in Abbotsford, Victoria.
Avita Therapeutics (ASX:AVH) - CEO, Dr Michael Perry - The Market Herald

" Avita Medical (ASX:AVH) reports solid revenue growth over March quarter

Avita Medical (AVH) reported a 126-per-cent revenue increase and steady growth in procedural volumes in its review of the March quarter.