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27 October 2022 – The September quarter (Q1 FY 2023) was highlighted by the Race
team’s development of an improved and novel formulation of the company’s lead drug,
Zantrene which enables peripheral intravenous (IV) delivery (ASX Announcement: 28
September 2022). The manufacture of the new formulation (codenamed RC220) has been
contracted to Societal (San Diego, CA, USA) with an expected delivery date of late Q2 CY
- This improved formulation provides additional IP patent protection through to
2043 and expands the drug’s potential market application in cancer.
A second highlight was the initiation of the new m6
A RNA methylation pathway-targeted
drug discovery program, in collaboration with Professor Martin Scanlon, through the
Monash Fragment Platform (ASX Announcement: 27 September 2022). This utilises the
latest NMR based fragment screening approach to identify novel drug fragments that can
inhibit the m6
A RNA demethylases FTO and ALKBH5.
The Race share buyback program continued through Quarter 1 FY 2023 with $1.2 million
invested in the purchase and cancelation of 611,687 Race shares on-market at prices the
Board viewed as opportunistic and in the shareholder’s interest utilising available capital
excess to current committed programs.
Race continues to progress its Three Pillar Strategy, capitalising on the opportunity
of RNA therapeutics in cancer and cardioprotection provided by Zantrene.
Management commentary
Race CEO Phillip Lynch said: “Our development update on the improved IV formulation is
particularly important to future clinical trial plans, as well as to gains in IP and broader market
utility for Zantrene.”
Race CSO Daniel Tillett said: “I am very proud of the work the Race preclinical team have
undertaken in developing the new IV formulation. I know how much effort, hard work and
lateral thinking has gone into solving the peripheral delivery problem, something the original
developers of Zantrene were not able to accomplish. The value of this breakthrough will be
revealed as we advance Zantrene in the clinic.”
Race Chairman John Cullity said: “In addition to the significant advances in formulation and
trial planning through the quarter, a program of work was launched to further refine and
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Registered office: L36, 1 Macquarie Place, Sydney NSW 2000
www.raceoncology.com
develop the cardioprotection opportunity for Zantrene. We look forward to sharing more
information on this in coming months, and also welcome the opportunity to discuss Race’s
progress with shareholders at our AGM on 24 November in Sydney.”