MST valuation of RAC, page-34

Assuming the IND is approved I would say 90% for R/R AML
( trialed in over 100 patients, previously approved in france, cured two French girls )

Assuming the IND is approved I would say 70% for EM AML
( result from a trial of smaller trial of 10 patients ).
Although the positive view on this is that the Israel trial underdosed the patients. There should have been two cycles of treatment for the patients that responded but there was only one.

If RACE come up with trials plans anything like what MST where speculating for AML, then the number of patients in the trial, the use of multiple sites increases the probability of success. That's because the FDA will want a reasonable sample size (number of patients). RACE also have data from the Israel trial and historic data in over 2,000 patients to support an application initially for use of shortcut 505(b)(2) pathway and then for approval.

Further on risk. RACE have had two regulatory advisors involved. RACE found a second regulatory advisor to conduct a thorough, independent review of clinical plans. That's careful management execution in play.

We need to wait for Pillar 3 plans to form a view, but RACE have been doing all they can to make sure it will be a success.