Why is biotech player Race Oncology’s (ASX:RAC) stock trending?

  • November 16, 2020 03:31 PM AEDT
  • Kunal Sawhney
    Kunal Sawhney
    CEO Kunal Sawhney
    2781 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

Why is biotech player Race Oncology’s (ASX:RAC) stock trending?

Summary

  • Race Oncology announced that its Phase 2 clinical trial data of bisantrene had been published in the European Journal of Haematology.
  • The results from the clinical study demonstrated an impressive clinical response rate of 40% in patients with relapsed or refractory AML.
  • Driven by the results, investigators support additional studies of bisantrene in AML.

ASX-listed biotech player Race Oncology Limited (ASX:RAC) announced on 10 November that the Phase 2 clinical trial data of bisantrene in acute myeloid leukemia (AML) was published in the European Journal of Haematology.

On 16 November 2020, RAC shares closed at A$1.430, up by 2.142%. The Company’s market capitalisation stood at A$178.56 million.

Let us discuss in detail-

About Race Oncology Limited

ASX-listed Race Oncology Limited is a specialty pharmaceutical company engaged in the development of cancer drug- bisantrene. The Company has shown promising clinical data for bisantrene in AML, breast cancer, and ovarian cancer. In the US, the Company has secured Orphan Drug designation and Rare Paediatric Disease designation.

Bisantrene trial data available in European Journal of Haematology

On 10 November 2020, Race Oncology Limited disclosed that the data from Phase 2 clinical trial of Bisantrene in R/R AML (relapsed and refractory Acute Myeloid Leukaemia) are now available in the European Journal of Haematology. The clinical trial was conducted at Sheba Medical Centre in Israel.

The paper is titled as:

The Company had earlier announced that Phase 2 clinical trial data would be presented at the American Society for Haematology 2020 Annual Conference, to be held on 5 December 2020.  

Phase 2 Bisantrene trial in Brief

Phase 2 clinical trial of Bisantrene is an open-label, single-agent trial, studied patients (n=10) having R/R AML who, on an average, had failed three previous lines of treatment. Professor Arnon Nagler led the study at Israel’s facility.

In the clinical study, patients received bisantrene (250 mg/m2 daily for one week), administered via an intravenous (IV) infusion over 2 hours on days 1-7. The results exhibited an overall clinical response rate of 40%. Moreover, out of the ten patients treated, one patient achieved a complete remission, and three patients achieved partial remission, a response rate similar to historical bisantrene trials.  

Bisantrene was well-tolerated without any unforeseen serious toxicities.

Key Highlights from September 2020 Quarter

On 29 October 2020, Race Oncology updated the market with its quarterly report for the period ended 30 September 2020. The quick highlights from the period include:

  • On 18 September, RAC disclosed the appointment of the clinical and regulatory affairs advisor, CCS Associates to review its clinical programs.
  • Race announced an expansion to its leadership team on 2 September with the appointment of Phil Lynch as CEO & Managing Director.
  • RAC had secured a new patent in the US earlier in July. The patent supported additional claims for bisantrene’s therapeutic benefits and uses.

 


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