Race Oncology Ltd (ASX:RAC) has successfully raised A$2.5mln by completing a placement of shares at A$0.20 each to professional and sophisticated investors.
There was strong demand from investors for the placement which was heavily oversubscribed.
The proceeds raised will be used to fund the planned launch of Bisantrene and support Race’s operations through the remainder of the 2017/18 year.
Bisantrene is a cancer chemotherapy drug related to anthracyclines, a class of drugs used as the first line of treatment for acute myeloid leukemia (AML) and many other cancers.
Race is expected to launch Bisantrene in France on a named patient basis (Named Patient Programme or NPP) before the end of 2017, with sales in Korea commencing soon after that.
Italy and Turkey are also planned NPP markets for Bisantrene.
The Bisantrene NPP is aimed at providing a new treatment for patients with AML who have failed other therapies or are unfit for intensive chemotherapy.
In parallel, Race intends to file an Investigational New Drug application (IND) in the U.S. to conduct a pivotal study on Bisantrene in AML towards FDA approval.
This would enable general marketing of Bisantrene in the U.S. beyond the NPP.