It is not simple in pharma to talk about competitors if you have...

It is not simple in pharma to talk about competitors if you have a non-generic drug. In regards competition you need to look at the two major uses as the competitive landscape is very different in both.

1. A better anthracycline. These drugs are extremely widely used chemotherapeutics, very cheap (a couple of hundred dollars a dose), but also very damaging to the heart. While you can consider a drug like doxorubicin a competitor to bisantrene, if you want to avoid heart damage you don’t have much alternative other than to not use an anthracycline or only use it at low dose. This is not good as these drugs are very effect against cancers. For many patients the grim choice they are faced with is treat the cancer effectively and suffer the consequences to their heart, or avoid the heart damage and under treat the cancer. Bisantrene offers a way out of this dilemma by offering a drug that is just as effective against the cancer but without the heart damage.

2. A FTO targeted agent. The only competitor here is brequinar, but brequinar has major pharmacological issues around dosing that makes it hard to use in practice. Also the preclinical data from the City of Hope suggests brequinar does not work as well as bisantrene on FTO overexpressing cancers. I am glad we own bisantrene and not brequinar.

While it is for every investor to make their own investigation in regards the competitive landscape, I am comfortable with RAC’s position.