Ann: Updated Strategy and Investor Presentation, page-275

The dose of anthracycline that shows significant effects on LVEF is not that much greater than what is currently used (400mg/m2 verses 280mg/m2). Some patients who are very sensitive to anthracycline damage or who have pre-existing cardiac conditions show significant LVEF changes at 280mg/m2. The more sensitive modern measures of LVEF can detect damage in 30% of patients treated with an anthracycline at 280mg/m2 (see the quote from Prof Neilan in the presentation).

While anything is possible in science, the likelihood that VO2Peak is not measuring the same underlying damage as LVEF is vanishingly small. The problem Race faces is not measuring if Bisantrene is protecting the heart or not (we can do that via LVEF and other very sensitive modern methods), but showing that this protection is clinically relevant (i.e. it matters to the patient). What VO2Peak offers is a sensitive test of damage that is also clinically relevant. Clinical relevance is what regulators are concerned about and what matters to the patients.

This is why I said in the presentation that VO2Peak is the most valuable discovery for Race since RC220. It changes everything and provides a possible rapid path to approval from a small numbers of patients.