On 22 January 2019, Race Oncology Limited (ASX: RAC) announced that it had signed a consulting agreement with Professor Borje Andersson from the M.D. Anderson Cancer Research Centre in Texas, for an initial period of 12 months.
Race Oncology is an Australian pharmaceutical company engaged in developing later-stage drug therapies for cancer treatment. The company’s flagship drug is Bisantrene, a chemotherapy drug, earlier abandoned with 1990’s pharmaceutical mergers, is currently seeking US FDA approval for acute myeloid leukaemia (AML). Bisantrene has been awarded the designation of ‘US Orphan Drug’ and a ‘Rare Paediatric Disease.’ On 17 December 2018, the company entered into a contract with Israel based TrueMed for Bisantrene sales in Israel under the patient program of NPP (Named Patient Program). On 1 November 2018, the company signed a service agreement with Biosynergy Partners LLC for obtaining Bisantrene regulatory approvals. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
As per the consulting agreement with Professor Borje, he will be involved in advising/assisting Race Oncology in-
- Delivering strategic advice on clinical protocols for its planned Bisantrene AML trials.
- Devising new product development strategies and acquisitions.
- Introductions to AML clinical trial groups at MD Anderson (MDA) and support MDA’s participation in Race’s clinical trial studies on Bisantrene.
- Introductions to international and US opinion-leaders and investigators who could participate in the company’s early access program (NPP) for Bisantrene.
- Vitro studies to better illustrate Bisantrene’s resistant stimulating properties or other aspects of its mode of action
Prof. Andersson will be paid 420K RAC share options as his compensation, with 21 January 2024 expiration date and the $0.12 exercise price of the options (1.25 times the 5-day VWAP of the RAC share price before the commencement date of the agreement). The options will be offered in the form of 35,000 options per month over a year of the contract.
Professor Andersson stated that he found that Race Oncology’s research strategy for developing new remedies for both paediatric and adult AML in sync with his research interests and that he is looking forward to working with the research team of the company.
Race CEO, Peter Molloy said that the company is fortunate to have a global AML leader on-boarding the company’s research team.
Having obtained his medical degree from Karolinska Institute Faculty of Medicine, Professor Borje Andersson currently works as
- Professor at Department of Stem Cell Transplantation in the Division of Cancer Medicine at the University of Texas.
- Director of the Department’s program for Molecular Pharmacology and Translational Drug Development.
- Adjunct Professor at University of Houston College of Pharmacy in Houston.
He has been an active researcher in the leukaemia field, and he has focussed on the development of less toxic pre-transplant conditioning therapies and improving the understanding of leukemic cell resistance to bifunctional DNA-alkylating agents, in his recent research initiatives.
Stock performance: RAC stock plunged by 1.1%, settling the day’s trade at A$0.090 on 22 January 2019. The share price of the company has dropped by 52.11% over the last six months. However, the stock performance is decent this year with a YTD return of 10.98% till date.
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