No, the original board were targeting a market cap of at least...

No, the original board were targeting a market cap of at least $220 million. USD.
Very base sort of case, and in very different time.

Definitely over double here, & not in todays market.
Huge differences & situation.
Was pre to, and not with City of Hope independent discovery with Bisantrene released in 2020 for being global no 1 FTO inhibitor since re-validated, mechanisms for action for bisantrene , nor its original designed efficacy as a non- cardiac harmful anthrax line alternative in breast cancer treatment, by Lederle through several decades.
Also pre- IV formulation now at last achieved , which had also alluded Lederle through a decade of work prior to their unfortunate loss of Bisantrene with American Pharmaceutical company takeover in mid 1990s.

This north of $200 millions market cap valuation was also intimated as clear ‘easy’ sort of value opportunity -‘ then’ , but it was in 2015.
(Google Peter Molloy Race Oncology Bisantrene - look for interviews, the one where he is being interviewed at a Northern Hemisphere major pharmaceutical conference, standing, interview is in an upper level conference hall large foyer type room area, warm colours & lighting in background, is in Y0utube )

And also in that time period , and for context -
This was when already the ‘huge efforts had been put into’ , the exhaustive IND docs submission to the FDA in 2018 I think, after ‘several years effort’ & the “biggest most comprehensive document and intense work” done as the description that Peter Molloy then CEO explained, that he had ever worked on and completed.., ..
but with absolutely all of this, as in the total planning had been since outset for Bisantrene to be re-formulated & had been achieved, and to be re- proven as per Sheba trials then, as a singleline treatment drug asset, with its “remarkable efficacy (JC) ” & effectiveness, against AML.
As per past approvals , and the people still alive then and now in France, only due to Bisantrene last ditch treatment after all else had failed to save them in their battle with then highly refractory relapsed AML, Acute Myloid Leukaemia in the late 1980s and into mid 1990s.
Orphan drug. Past approved for AML. People still alive today only due to Bisantrene for their R/R AML as children.
Also known efficacy other cancers, notably breast cancer, although the big standard of care Doxorubicin back then was favoured despite known cardiac damage.
And - fact that bisantrene mode of delivery being central line, restricted its use, compared to way preferred and in line with convenience, IV delivery.

However , also for context, also knowing back then how difficult it is to get one’s drug chosen by a big Pharma -
PM’s words also - unfortunately , all of Race Oncology’s work under Peter M and team, including then that they had only recently brought John C & his consultancy to sell Bisantrene— slowly perhaps in their minds and then abruptly, had reached a dead - end.
After these types of pronouncements for how Bisantrene could be marketed and sold to a big pharma - the thinking which had guided RAC since day 1 for this quicker -flick bonanza reaping for RAC original shareholders , was for bisantrene as a very good past ‘lost’ drug asset that bisantrene certainly is & with great efficacy and usefulness deserving to be realised ; and also with orphan drug status achieved with FDA fast- track designation achievement, worth maybe $100 million all on its own.

This relatively fast opportunity divestment thinking that Bill G as then opportunistic medical tech entrepreneur founder with Peter M as CEO had steered , with this thinking to market off bisantrene to a big Pharma company in nearterm years— basically suddenly to them, the IND & all RAC thinking for this pathway for bisantrene as single -agent drug was obsolete.

All cancer treatments are now combinations - not single drug agent, or not predominantly, really anymore.

Totally different, and now time in 2024.

Bisantrene also now has shown great synergy with leading oncology standard of care drugs.
Adding to anti-cancer efficacy & protecting the patients heart we can think, cardio- toxicity the significant side effect with main leading oncology treatments, limiting dosage and utility completely esp with anthracyclines.

(Posting so as not to lose this again)
Gist is - that Peter Molloy when he intimated bisantrene simple value way back in time, aka 2015/16 base thinking with total work direction of then RAC, the original IND also required re- work and bisantrene had to be tested with other drugs in combination, as well as the issue with central line only delivery formulation.
Beyond there and his scope aimed for and intended at that time.
His focus was totally towards marketing bisantrene for sale as asset, with John C employed to achieve a deal.