Race Oncology Ltd made significant progress in the December quarter towards first patient treatment in the Phase 1 trial of RC220 in combination with doxorubicin. The company submitted its ethics and regulatory data package, supporting expected first patient treatment in Q1 CY2025
The quarter also marked continued transformation within Race’s leadership, with the appointment of Dr Megan Baldwin, founder and chief innovation officer of Opthea, as an independent non-executive director, effective January 1, 2025. Dr Baldwin previously served as CEO and managing director of Opthea for a decade, overseeing the progression of its lead asset from preclinical development to global Phase 3 trials. Race also expanded its scientific team with the appointments of Dr Kirsten Curnow and Dr Sumit Shani.
“I wish to warmly welcome Megan, Kirsten and Sumit to Race. The ability to attract such outstanding professionals is a testament to the strength of our team and the exciting potential of our work,” RAC CEO Dr Daniel Tillett said.
“Like everyone at Race I am looking forward to us treating the first patient with RC220 soon and translating bisantrene’s potential into meaningful outcomes for cancer patients and our shareholders.”
RC220 progress
Significant progress was made toward initiating a Phase 1 trial of RC220 in combination with doxorubicin for patients with advanced solid tumours.
The company submitted the ethics and regulatory package to Bellberry Human Research Ethics Committee (HREC) in early December. In late December, Bellberry HREC requested minor clarifications, which were addressed in mid-January 2025. Pending final ethics and governance approvals, site activation and first patient recruitment are anticipated in Q1 CY2025.
FTO discovery
Race also announced the discovery of 39 unique FTO protein-binding molecules identified using state-of-the-art NMR fragment screening. The identified compounds are confirmed FTO-binding chemical structures for the development of novel FTO targeting drugs and provide valuable new IP, aiding the development of novel m6A RNA epigenetic pathway drugs.
This FTO-targeted drug discovery program was completed in collaboration with the Monash University Fragment Platform (MFP).
Money in the bank
The company reported cash and cash equivalents of $18.78 million as of 31 December, with over two-thirds of the quarter’s expenditure ($2.1 million) allocated to research and development (R&D) and drug manufacturing.
This represents a $4.2 million increase from the previous quarter, driven by a $5.25 million R&D Tax Incentive payment and the conversion of $870,000 in options.