Ann: Race continues Board renewal - appoints new Chair, page-97

@TemujinOz

all valid points, my take is in biotech failure is priced in and success is not guaranteed.

Zantrene is a unique beast being repurposed with multiple MOA with blockbuster potential.whilst I think some valuations are future valuation but not based on facts known now.

it’s be because the science has not yet caught up to assumptions/speculation being made. This is merely a ‘timing’ issue, and once supported with more data I think the figures come together nicely (subject to share price support)

My list of things we need to see to close the valuation gap.

CARDIO PROTECT

1. With cardio protect we know it works in vitro with Dox and Kyprolis. The triangle primary research is based on Anthracycline cardioprotect and broader cancer indications. We need the panel review results for cardio protect to support that it works beyond Dox and across all anthracyclines. I am happy to read between the lines but a true valuation would not.

2.Reformulation to be ready and working. I am not quite sure how this works but are we changing the recipe or just the delivery method. Therefore is there a risk of the new formulation not working as well or having side effects? Plus manufacture process just could be delayed or run into regulatory issues?

3. The results from dose ranges for cardio protect to ensure optimal anti cancer and cardio protect benefits. Those who have been following closely know Zantrene self rescues cardio damage and kills cancer. Need to ensure this translates in combo with anthracyclines and cardio protect benefits are not overwhelmed/lost. Moral of the story, is we need more data to verify if where Zantrene falls in the primary research report. Low cardio protect only -> high cardio protect and anti-cancer.

FTO

4. Two words “Dominissini Data”.

AML

5. We know it works but commercialisation risk is increasing in my view. What’s needed is More trial sites and EMA approval + recruits and adoption of new SoC for PETscans / high quality data on EMD incidence rates.

As most have mentioned post P2 data for Sheba and Cardio protect trial is the sweet spot, when is this likely to drop is the question.

Remember behind the scene FTO data is being captured in everything Race does, so continuing to build the narrative even without the FTO solid tumour trial.