Race Oncology Ltd made key clinical advancements during the March 2025 quarter, receiving ethics and regulatory approval for the initiation of its Phase 1 trial investigating RC220 bisantrene in combination with doxorubicin. The Southside Cancer Care Centre in Miranda, New South Wales, commenced patient screening, with first patient treatment expected in Q2 CY2025. Additional approvals were granted for Gosford and Wyong Hospitals, pending final site activations.
Strategic trial support and index inclusion
A contract was executed with George Clinical International for comprehensive trial services across Australia, Hong Kong, and South Korea. The agreement supports trial execution for up to 53 patients, with a forecast cost of A$8.6 million. Separately, Race was added to the All Ordinaries Index on 24 March 2025.
Further ethics approvals and site activation
Ethics clearance was also granted by the Bellberry Human Research Ethics Committee for trial activity at Southside Cancer Care Centre. Site initiation followed on March 27, enabling enrolment. On April 3, Race confirmed full site activation at Miranda, with patient screening underway.
Cash position and financials
As at March 31, 2025, Race held A$17.12 million in cash and equivalents. Of the A$1.67 million spent during the quarter, over 70% was directed to research and development and manufacturing activities. The company estimates funding coverage for approximately 10 quarters, assuming similar expenditure rates.
Additional updates and shareholder engagement
A special investor briefing held on March 17 offered insights into the Phase 1 trial. Option conversions raised an additional A$11,000. Payments to related parties totalled A$124,000, comprising executive remuneration and board fees.
Shareholding overview
Race reported growth in substantial holders, with 275 shareholders owning over 100,000 shares, collectively accounting for 64.84% of issued capital. The top 20 shareholders held 33.66% of issued shares as of quarter-end.
Company outlook
Race remains focused on advancing RC220 for multiple oncology indications and is actively pursuing partnership opportunities to accelerate development and global access to bisantrene.