Race Oncology Limited (ASX: RAC) is involved in the development of Bisantrene, which is a cancer drug under the health care sector. The company was formerly known as Coronado Resources Limited.
The company today, on 14th May 2019, has announced that it has agreed to conduct a trial at the Sheba Medical Center in Israel of Bisantrene, the cancer drug of Race Oncology.
Ministry of Health in Israel and Research Ethics Committee of the hospital has approved the trial, so the anticipation is to commence the trial immediately.
The CEO of the company, Peter Molloy termed this achievement as a major development, as it is first use of Bisantrene in patients since the drug disappeared more than 25 years ago. Despite its potential as a treatment for AML, Bisantrene was lost after a series of mergers in the early 1990s.
Race is developing Bisantrene for treating relapsed/refractory AML. The company has submitted an IND to conduct a U.S. registration trial and is also pursuing investigator-initiated Phase II trials, such as this one at Sheba Medical Center.
Professor Arnon Nagler will lead the Sheba Medical Center trial in 12 patients with relapsed/refractory AML as the Principal Investigator. Professor Nagler is a highly regarded international leader in the leukaemia field.
Mr Molloy said that an international leader of Professor Nagler’s stature has decided to do this trial is a testimony to Bisantrene’s contemporary potential in AML.
Professor Nagler was excited about the potential for Bisantrene in the leukaemic patients in whom the disease is unresponsive and have rare alternatives and added that the number of new targeted agents have become available, but these are only useful in the small percentage of patients who have specific, identifiable mutations.
The trial agreement is between Race Oncology Ltd, The Sheba Fund for Health Services and Research and Professor Arnon Nagler. The agreement started on 14th May 2019 and continues until the trial is completed, which is expected to end by 1 December 2021.
Race has an obligation to provide Bisantrene at no cost to Sheba and the investigator and to provide a grant to Sheba of €78,975 to support the trial as per the agreement. It is also obliged to provide clinical trial insurance, which was arranged by Race prior to signing the agreement. Race Oncology and Sheba Medical Center together will have the rights to circulate the headline study results and will utilise those results to support any regulatory submission for Bisantrene.
Looking at the cash flow front, the company reported a cash outflow from operating activities of ~$0.505 million during the quarter ended 31 March 2019. The cash and cash equivalents at the end of the quarter stood at ~$1.57 million.
On the price-performance front, at market close on 14th May 2019, the stock of Race Oncology Limited was trading at $0.083, up a massive 45.614% during the day’s trade with a market capitalisation of $4.69 million. The stock has yielded a negative YTD return of 30.49%. Its 52-week high price stands at $0.280, and 52-week low price stands at $0.057, with an average trading volume of 81,977.
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