Race Oncology Ltd (ASX:RAC, OTC:RAONF) has reported significant progress during the June 2025 quarter, advancing both its clinical trials and corporate leadership.
The company successfully treated its first patient with RC220, its reformulated version of bisantrene, both as a standalone treatment and in combination with doxorubicin for patients with advanced solid tumours. This marks a critical milestone in its ongoing Phase 1 trial, which is focused on delivering enhanced anticancer efficacy while minimising the cardiotoxicity associated with traditional chemotherapy.
Race has also made key leadership appointments, strengthening its clinical team with the addition of Dr Jose Iglesias as chief medical officer and Dr Simon Fisher as vice president of medical. These appointments signal Race’s commitment to expanding its expertise and advancing the development of RC220 to address high unmet needs in cancer care.
Clinical trial updates
Race’s Phase 1 clinical trial of RC220, a reformulated version of its lead asset bisantrene, continues to progress with promising results.
“In the June quarter, we achieved a major milestone for the company by safely and successfully treating the first patient with RC220 and RC220 in combination with doxorubicin,” CEO Dr Daniel Tillett said. Doxorubicin is a widely used chemotherapy agent.
These early-stage treatments were conducted in patients with advanced solid tumours, and no adverse events, including phlebitis (vein inflammation), were reported. The trial success sets the stage for further clinical testing to assess the potential of RC220 in providing enhanced anticancer efficacy while offering cardioprotection, an important consideration given the known cardiotoxicity associated with anthracyclines like doxorubicin.
“I would like to thank the whole Race team for reaching this momentous goal, and we look forward to updating our shareholders on the progress of the trial over the coming months,” Tillett said.
Key appointments, strong financial position
In addition to clinical progress, Race Oncology strengthened its clinical leadership with the appointment of Dr Iglesias as chief medical officer and Dr Fisher as VP of medical.
Dr Iglesias succeeds Dr Michelle Rashford in the CMO role and brings extensive experience in both major and emerging pharmaceutical companies. Dr Fisher’s background in medical affairs and clinical development will support Race’s efforts to bring RC220 to market for cancer patients.
Race’s financial management continues to be robust, with the company reporting a cash position of $13.67 million as of June 30, 2025. More than 83% of the quarter’s expenditure was directed towards research and development (R&D) and drug manufacturing, underscoring Race’s focus on advancing its clinical pipeline.
With careful capital management, Race is well-positioned to fund its operations through to the end of 2026, allowing it to progress both the RC220 trial and ongoing drug development initiatives.
Strategic developments and post-quarter updates
During the quarter, Race announced several key site activations for its Phase 1 clinical trial of RC220 in combination with doxorubicin. Patient enrolment is now under way at multiple sites, including the Southside Cancer Care Centre in Miranda, NSW, and the Central Coast Local Health District in Gosford and Wyong.
These developments bring Race closer to its goal of demonstrating RC220’s efficacy and safety profile in a larger cohort of patients.
In post-quarter news, Race received ethics approval to begin the Phase 1 trial of RC220 at two hospitals in Hong Kong, marking an important expansion of its clinical footprint. In addition, Tillett has been invited to present at the prestigious European Society of Medical Oncology (ESMO) 2025 conference, which will help raise the company’s profile in the global oncology community.