RAC (ASX) Ann: RC220 Meets Quality Specifications

Originally posted by SouthernEmpire: ↑

I figured this put any speculative $$$ application of RC110 to bed?

I don't think RC110 will have much of a part to play moving forward - even Sheba 3.0 (if it happens) would likely be utilising RC220. I don't believe RAC's current funds are enough to get us to a transaction - however I DO believe they're enough to get us to an alternative source of funding, beyond the traditional CR.

As mentioned before RAC could partner in the AML space with either Abbvie or Otsuka which will keep the lights on and the AML program ticking forwards. The big question is whether this will also support the Cardio/FTO program to Phase 2. In truth I was hoping for a better market reaction to Sheba 2.0 - but in reality it was just another confirmation of what the market has long priced in:

1) Bisantrene is very safe
2) Bisantrene has clinically significant anti-cancer properties.

It's great we also got circumstantial evidence of cardio-protection (and even maybe some FTO data if we're lucky come Dec 11) but we're comfortably beyond any serious clinical risk, and 2023 has landed us firmly in the territory of executive risk. We need a robust clinical strategy AND a detailed commercial strategy, as we saw with the DCB-Strategy leaving the $$ up for speculation was not a good move. The New-New-Strategy^TMwill need to be both very financially conservative and sufficiently transparent, no guesswork needed. I believe RAC understand this, and I'm hopeful for a strong strategy and focused management.

This evolved beyond a simple response to your post John, forgive me for rambling.

Expand

Yes, it sure did.

My comments of late have related solely to the joint development potential of AML (utilising RC220) freeing up cash for mBC and or others.

Originally posted by KingBuzzo: ↑

Not only would a joint AML development beat a CR and corresponding dilution for raising money (especially at current prices), but such an arrangement would provide at least two other things that money can't buy:

1) Commercial validation of Bisantrene. One would expect to get any sort of joint development over the line Race would need to open the Kimono fairly wide and the other party would get to have a good look at what's inside. Getting an agreement signed would provide invaluable third party affirmation that everything is in order with the science, technology, IP, etc. and that there aren't any significant skeletons lurking in the closet.

2) Map out a believable path to an eventual transaction/end game. Even if Race come up with a plan to execute the next clinical milestones within the current budget, that just defers the need for a CR (that will get more pressing as funds dwindle), and it will continue to be a noose around the neck of the share price as a result. Releasing a strategy that says "we're going to spend our last $20 million funding this/these trial(s) and then go see if anyone has a spare few $billion around to buy us" isn't going to alleviate funding concerns or provide belief that management have what it takes to eventually turn the great science into a commercial opportunity. Contrast that position however with a commercial arrangement in a relatively minor indication that retains huge upside - the market would have evidence that management have the ability to translate Bisantrene into a commercial opportunity and that there is a relationship in place that has the ability to grow into something more significant and/or attract other parties as things evolve.

Whilst money is critically important, I think these two other things would really start to separate Race from the also-rans and show the market that Race is one of the few biotechs that will make it off the CR/dilution->trials->hope->rinse&repeat bandwagon, and I would expect a very significant impact on the share price as a result - if management can deliver of course.

Expand

Totally agree. It's the 'give a little get a lot' commercialisation strategy.

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(20min delay)
Last $1.89		Change 0.120(6.80%)		Mkt cap ! $321.0M

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$1.78	$1.93	$1.78	$563.4K	302.3K

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Ann: RC220 Meets Quality Specifications, page-73

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