Race Oncology looks to accelerate clinical development of bisantrene
Melbourne, Victoria
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February 28, 2024 04:45 PM Eastern Standard Time
Race Oncology Ltd (ASX:RAC) CEO Daniel Tillett joins Jonathan Jackson in the Proactive studio to provide an update on the company’s movements over the last few months. Just recently, Race received a $4 million R&D tax incentive tto accelerate clinical development of bisantrene, which is undergoing Phase II trials specifically for Acute Myeloid Leukemia. The clinical-stage biopharmaceutical company develops drugs designed to treat cancer, but is unique in that its novel approach treats the cancer, while protecting the heart. Race has had a strong half of the financial year, executing an exclusive licensing agreement with City of Hope and entering an agreement with Ardena Holding NV, to provide additional current Good Manufacturing Practice (cGMP). The company is now focused on hitting several milestones through 2024.
On the R&D rebate, Tillett said: “The Australian Government’s R&D tax incentive program plays a critical role in helping Australian research-intensive companies to innovate. This incentive is especially important in helping biopharmaceutical companies such as Race Oncology solve significant unmet needsfor patients.
"We are grateful to receive this refund and look forward to utilising the funds to accelerate the clinical development of bisantrene in 2024 and beyond.”
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