Race Oncology Ltd (ASX:RAC) has secured more than $3.22 million in additional funding via a private placement to a group of supportive existing sophisticated shareholders, to fund the HARNESS-1 Phase 1a/b trial of RC220 in combination with Tagrisso® (osimertinib) in non-small cell lung cancer.
Together with funds received from early conversion of the May 2026 $1.25 piggyback options, and a binding commitment from CEO Dr Daniel Tillett to convert his $1.25 options, the placement delivers the capital required to undertake the HARNESS-1 trial. With funding now in place to complete the study, the Race board has approved trial initiation.
HARNESS-1 has already received authorisation from the Human Research Ethics Committee for St Vincent’s Hospital.
Read more: Race Oncology secures ethics approval to launch HARNESS-1 Phase 1a/b lung cancer trial of RC220
Patient enrolment remains subject to final institutional approval and site activation by Monash Health, which is expected between late Q4 2025 and early Q1 2026. The first patient is expected to be enrolled in early Q1 2026.
Placement details
Race intends to issue 1,139,028 new shares on December 10, 2025, to sophisticated and professional investors at an issue price of $2.83 per share.
The new shares will be issued in a single tranche.
The issue price of $2.83 per share represents:
- a 6% premium to the last closing price of $2.67 on Monday, 8 December 2025; and
- no discount to the company’s 5-day volume weighted average price (VWAP) of $2.83 as at Monday, December 8, 2025.
“Race Oncology is extremely grateful to the shareholders who approached us to ensure that the HARNESS-1 trial is started without delay,” Race Oncology CEO and managing director, Dr Daniel Tillett said.
“We are blessed to have such supportive shareholders who share our belief in the potential of RC220 to transform cancer patients’ lives. I wish to thank all the shareholders who participated in this placement, as well as those who chose to exercise their options early. Without your support, starting this trial now would not have been possible.”