- Race Oncology has announced a successful $1.4 million placement for the clinical projects of its cancer drug, Bisantrene
- The total placement included approximately 21.9 million new shares at an issue price of 6.6¢ per share
- Dr Daniel Tillet acquired 8.5 million shares
Race Oncology has announced a successful $1.4 million placement for the clinical projects of its cancer drug, Bisantrene.
The total placement included approximately 21.9 million new shares at an issue price of 6.6¢ apiece.
Dr Daniel Tillet, CEO of Nucleics, acquired 8.5 million shares worth $561,000 and he will now join the Race Board.
Nucleics is a private Australian biotechnology company producing and selling world leading DNA sequencing software to the Genomics industry.
“I investigated all the public biotechs in Australia and Race came out on top as the company with the most upside and potential. I’m delighted to become involved with Race and look forward to working with the Race team,” Daniel said.
Race Oncology is a specialty pharmaceutical company whose business model is to pursue later-stage drug assets in the cancer field.
Current directors invested in a total of 5 million shares totalling in $330,000. The directors also plan on purchasing a further 2.6 million shares worth $180,000 but need shareholder approval.
Race CEO Petter Molloy is pleased with the funding.
“These placement funds will provide Race with the resources needed to drive forward value-creating research and development programs on Bisantrene. We now have sufficient funding for at least the current financial year,” he said.
The company’s most valuable asset is a chemotherapy drug called Bisantrene, which was the subject of more than 40 clinical studies during the 1980s and 1990s before the drug was abandoned.
Bisantrene is a cancer chemotherapy drug that shown excellent activity in several cancers including Acute Myeloid Leukaemia (AML).
Race has now rediscovered Bisantrene and is hoping to gain US FDA approval for Bisantrene for AML.