AUS
NZ
UK
CA
USA
IND
Highlights
- Race Oncology secures over A$5 million R&D rebate to advance lead drug bisantrene
- Funding boosts R&D for both domestic and international projects
- Key focus on addressing unmet needs in oncology treatments
Race Oncology (ASX:RAC) has received A$5.25 million through the Australian Government’s Research and Development (R&D) Tax Incentive program. This rebate will support the ongoing clinical development of its lead candidate, bisantrene, a chemotherapeutic drug designed to address significant gaps in cancer treatments.
The Australian Taxation Office (ATO)-administered program provides refundable tax offsets for eligible R&D expenditures, offering Race Oncology (RAC) a financial boost to accelerate its research initiatives. The funding specifically supports bisantrene’s reformulation, referred to as RC220, aimed at enhancing its efficacy and cardioprotective benefits.
The rebate aligns with AusIndustry's recent confirmation of Race Oncology’s eligibility for overseas R&D activities, granting a 43.5% tax rebate for projects carried out between July 2023 and June 2026. The total rebate over this three-year period could amount to A$20 million, significantly enhancing Race’s ability to advance research under favourable financial conditions.
Driving Innovation for Unmet Patient Needs
Race Oncology is focusing on bisantrene’s potential to address unmet oncology needs. The drug, which has demonstrated therapeutic benefits in adults and children, aims to deliver anticancer efficacy with reduced cardiotoxicity compared to traditional anthracyclines. This positions bisantrene as a promising option for patients requiring safer yet effective treatments.
The company’s clinical programs explore anthracycline combinations, prioritizing solid tumours and acute myeloid leukaemia (AML). Additionally, bisantrene is under investigation for its impact on the m6A RNA pathway, following independent studies that highlighted its potential to inhibit FTO, a protein associated with various cancer types.
Collaborations Strengthening Clinical Development
To further advance bisantrene, Race Oncology (RAC) has partnered with leading institutions such as Astex Pharmaceuticals, City of Hope, MD Anderson Cancer Center, Sheba Medical Center, and prominent Australian universities. These collaborations aim to enhance clinical insights, ensuring bisantrene reaches its therapeutic potential.
Race Oncology (RAC) is also exploring strategic partnerships, licensing opportunities, and commercial pathways to expand global access to bisantrene.
The recent R&D rebate provides Race with a stronger financial position to advance its domestic and international clinical programs. This highlights the growing significance of bisantrene in addressing critical gaps in oncology treatments, positioning Race Oncology (RAC) as a key player in innovative cancer research.
