Ann: H1 2023 Preclinical and Clinical Programs Update, page-6

Largely positive announcement IMO.

1. RAC220 progressing as planned. Remarkable work by the UoW team and the contract manufacturer to produce a batch suitable for GLP testing. The transition from centrally administered to peripherally administered drug has been spoken about ad nauseam on this forum but it cannot be understated how important this is for; trial recruitment, patient experience and QoL, and physician uptake. It also extends the IP life of bisantrene which is incredibly valuable from a partnership perspective.

2. GMP manufacturing of bisantrene has produced enough drug to sustain all the required doses for all planned studies. An often underappreciated task when developing a new drug is manufacturing it at a scale large enough to support its use, incredibly complex chemistry is involved in optimising the process by which APIs are manufactured. Excellent result.

3. "bisantrene has shown entirely broad and potent cell-killing activity across a variety of human cancer types/indications"

I think this line speaks for itself... I look forward to the results of this study unlocking further pipeline indications for bisantrene outside of Breast Ca. Having multiple indications in the pipeline is so extremely valuable and is large part of the success attributed to other oncology blockbusters i.e. Keytruda which is still gaining additional approvals every year.

4. "several patients being effectively bridged to allogenic stem cell transplant with curative intent."
Incredible news for these patients who without bisantrene effectively had a death sentence from this horrible disease. I thank them for taking a chance on bisantrene and wish them long and happy lives. This news confirms bisantrenes cancer-killing ability and continues to significantly de-risk bisantrene.

5. I welcome the changes to the BISECT protocol to enable better recruitment. It's always disappointing when a trial has to be changed due to recruitment issues but congratulations to the Race team for working to remedy the issue. Not a net-negative or net-positive.

6. The decision to terminate the non-interventional arm of the 1/2b cardio-protection study is a good one imo. There are plenty of databases out there that can be used as natural controls, a strategy I've seen work for many other conditions and drugs gaining approval. Im glad that excess capital can be allocated elsewhere and has no material impact on the running of the investigational arm. This is a mature decision from Race and one that would have been challenging to make. Let's hope the required governance approvals can be received and this trial can commence soon.

Overall I think this is a highly positive announcement. There are hints of great success sprinkled into the wording of the announcement. I look forward to hearing more about the excellent preclinical work soon and the updated strategy later in the year. Onwards.