Racura Oncology (ASX:RAC) has secured $34.3 million following a series of fundraising initiatives supported by new and existing shareholders, giving the company a strong cash balance to fully fund its RC220 clinical programs in Acute Myeloid Leukaemia, EGFRm non-small cell lung cancer and anthracycline cardioprotection in solid tumour patients.
The company elected, by mutual agreement with the underwriter, to partially place 509,205 of 631,201 shortfall options, generating an additional $636,506.25 and limiting shareholder dilution. Since June 2024, Racura has raised these funds through Bonus and Piggyback Option conversions, private placements and option underwriting and has paid no broker or underwriter fees in connection with the raisings.
Racura highlighted its lead asset, RC220, a proprietary bisantrene formulation that targets G4 DNA and RNA and the MYC cancer growth regulator, as it advances a Phase 3 program in AML and Phase 1a/b programs in EGFRm NSCLC, and in combination with doxorubicin for cardioprotection and enhanced anticancer activity in patients with solid tumours.
CEO and Managing Director Dr Daniel Tillett said, "We are deeply grateful for the enormous support shown by our shareholders. Raising more than $34 million directly from our shareholders over the past two years demonstrates exceptional confidence in us and our mission. We look forward to updating investors on RC220’s clinical progress in the coming months."
