Race completes over-subscribed $3.159 million placement
Released
Released
Announcement PDF
12 March 2018
ASX Announcement / Media Release
Race completes over-subscribed $3.159 million placement
HIGHLIGHTS
● $3.159 million raised to fund Bisantrene manufacturing and Named
Patient Program (NPP)
● Fundraising significantly over-subscribed
12 March 2018 – Race Oncology Limited (ASX: RAC) announced today the successful
completion of a placement of 9,872,062 new ordinary shares at an issue price of $0.32 per
share to professional and sophisticated investors to raise $3.159 million (Placement) before
costs.
The Placement was heavily oversubscribed, due to significant demand from investors. The
Placement price of $0.32 represented a 13.5% discount to the last closing price on 7 March
2018.
The Placement shares will be issued within the Company’s existing 15% capacity and are
scheduled to settle on 19 March 2018.
In addition to operational funding, the proceeds will be used to fund manufacturing of
Bisantrene for the US registration clinical trial and the expansion of the Bisantrene Named
Patient Program (NPP).
The Bisantrene NPP is an early access program designed to make Bisantrene available for
patients with AML (Acute Myeloid Leukaemia), prior to the drug’s full regulatory approval.
In five historical Phase II trials Bisantrene produce new remissions in up to 50 per cent of AML
patients when all other treatments had failed.
“It’s important that we make Bisantrene available on a named patient basis, so that doctors
and patients have access to this potentially life-saving drug,” said Race CEO, Peter Molloy.
Race Oncology Ltd ABN 61 149 318 749
Registered office: L2, 710 Collins St, Docklands VIC Australia 3008
www.raceoncology.com
The Company has been actively pursuing NPP opportunities in France. The cash from the
current raising will be used, in part, to expand the drug’s NPP availability to a number of other
countries where revenue-based early access programs are feasible.
In parallel to the NPP, the Company intends to file an IND (Investigational New Drug
application) in the US to conduct a pivotal study on Bisantrene for the treatment of AML. This
would be a significant step towards FDA approval of Bisantrene.
“The new funds will also go towards manufacturing new clinical stock for the pivotal study,
including the registration batches needed for ultimate FDA approval,” added Peter Molloy.
The Company will be issuing, subject to shareholder approval, 5,000,000 unlisted options
exercisable at $0.45 on or before 24 months from the date of issue of the Placement shares
to parties who have assisted with the Placement.
About Bisantrene
Bisantrene is a small-molecule chemotherapy drug related to the anthracyclines, the most
frequently prescribed cancer drugs and first line of treatment for many cancers. It has been
shown to have greatly reduced cardiac toxicity and significantly diminished potential for
resistance. Bisantrene was tested in more than 40 clinical studies before it was lost in a series
of pharmaceutical mergers in the 1990s. The initial clinical opportunity for Bisantrene is for
relapsed/refractory AML patients. The FDA has acknowledged that Race’s Bisantrene
program meets the criteria as a 505(b)(2) program. Race has patents pending on the drug
and has been granted Orphan Drug Designation in the USA for AML, which confers seven years
of market exclusivity in the US from the date of FDA approval.
About Race Oncology (RAC.ASX)
Race Oncology is a specialty pharmaceutical company that listed on the Australian Securities
Exchange (ASX) in July 2016. Race’s business model is to pursue later-stage drug assets in the
cancer field that have been overlooked by big pharma. The company’s first asset is Bisantrene,
a chemotherapy drug, that was the subject of more than 40 phase II clinical studies during the
1980s and 1990s, then lost in a series of pharmaceutical mergers.
Media contact:
Heidi Cuthbert
+61 411 272 366
E: heidi.cuthbert@multiplier.com.au
Race Oncology Ltd ABN 61 149 318 749
Registered office: L2, 710 Collins St, Docklands VIC Australia 3008
www.raceoncology.com
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