AUS
NZ
UK
CA
USA
IND
Highlights
- Phase 1 trial for RC220 gains key regulatory approvals
- Strong cash reserves to support over two years of operations
- Inclusion in All Ordinaries Index underscores market recognition
Race Oncology (ASX:RAC) marked significant progress during the March 2025 quarter, advancing the clinical development of its cancer drug candidate RC220 and bolstering its financial stability. The company received both ethics and regulatory approvals to commence its Phase 1 trial evaluating RC220 bisantrene in combination with doxorubicin.
The trial is underway at the Southside Cancer Care Centre in Miranda, New South Wales, where patient screening has begun. Initial treatment is anticipated in the second quarter of calendar year 2025. Additional sites, including Gosford and Wyong Hospitals, have received necessary approvals, with final site activation pending.
To support this international clinical initiative, Race signed a comprehensive services agreement with George Clinical International. The collaboration spans Australia, Hong Kong, and South Korea, enabling trial execution for up to 53 patients with a projected budget of A$8.6 million.
In a further validation of its growth, Race Oncology was added to the All Ordinaries Index on March 24, 2025, highlighting its increased investor recognition and market presence.
The trial’s progress was further supported by ethics clearance from the Bellberry Human Research Ethics Committee, followed by site initiation at Miranda on March 27. Full activation at the Miranda site was confirmed on April 3, enabling patient enrolment to commence.
Financially, Race reported a solid position with A$17.12 million in cash and equivalents as of March 31, 2025. Of the A$1.67 million spent during the quarter, more than 70% was directed toward research, development, and manufacturing—underscoring the company’s commitment to innovation. Based on current expenditure, the company anticipates funding coverage for approximately 10 quarters.
Race Oncology also hosted a special investor update on March 17, offering insights into the Phase 1 trial strategy and developments. Additional funding of A$11,000 was secured through option conversions, while payments to related parties—mainly executive and board remuneration—totalled A$124,000.
The shareholding structure remains robust, with 275 investors holding more than 100,000 shares, collectively accounting for 64.84% of the company’s issued capital. The top 20 shareholders held 33.66% as of the end of the quarter.
Looking ahead, Race Oncology remains committed to advancing RC220 across multiple oncology indications and is exploring strategic partnerships to accelerate the global development and accessibility of bisantrene.
