Racura Oncology (ASX:RAC) has announced that shareholders exercised 19,510,592 of 20,141,793 Piggyback Options, a 97 per cent conversion that raised $24.38 million.
Combined with proceeds from a prior Bonus Option offer closed in June 2024, the company said it has now raised a total of $29.4 million to advance its clinical programs.
Racura said the funds will be used to fully fund Stage A of the Phase 3 acute myeloid leukaemia program, the HARNESS 1 lung cancer trial, and the CPACS anthracycline cardioprotection trial, while supporting general working capital needs. It said the high participation rate reflected strong shareholder support for RC220, the company's proprietary formulation of E E bisantrene, which it is developing across multiple oncology indications.
Executive Chair Dr Pete Smith said, “The support from our shareholders is deeply appreciated. Achieving a 97 per cent conversion rate is a remarkable outcome and an endorsement of our clinical development program for RC220. This funding enables us to fund the HARNESS-1, CPACS and Stage A of our Phase 3 AML to meaningful clinical readouts. On behalf of the Board and Management of Racura, I thank all shareholders who participated.”
CEO and Managing Director Dr Daniel Tillett said, “This option offer was launched at a time of considerable volatility. Achieving such an outstanding result demonstrates the commitment of our shareholders and allows us to progress our clinical programs with the funds to complete. This funding outcome is a significant milestone for Racura, and we look forward to delivering on the promise RC220 offers.”