Ann: Application for quotation of securities - RAC, page-62

The only reason we were able to run any sponsored trial at all in AML is we were focused on EMD. You cannot run a new sponsored AML trial in standard r/r AML. The investigators all have too many trials running and too few patients.

The market does not care about any clinical results generated from RC110. We just received amazing Phase 2 results from Sheba 2 and the market has basically shrugged its shoulders and said so what. The market has been telling Race for years that RC110 is commercially dead, unfortunately Race would not listen.

The real mistake was made in early 2020 to not put significant resources into developing RC220. I identified the approach that RC220 uses to prevent the crystallisation of Bisantrene in the blood in early 2020, yet no significant resources were allocated to the project until 2022. Similarly, I recognised the potential of cardioprotection in May 2019 from when I was doing due diligence on Race, yet no resources were allocated to this project until 2021. I don’t have to tell anyone here where we would be if both these programs got the resources they needed sooner.

The good news is eventually resources were allocated and we now have RC220 and an amazing opportunity in cardioprotection + anticancer, m6A and even AML. Let’s all focus on the future and making sure we deliver on our promise.