RAC Primer, page-466

I like the end of the year target for marketing, @ma420.

I think the EMD AML mouse model study should be completed by then. It is a crucial step forward for RAC and Bisantrene, as I suspect that we will finally know how Bisantrene is achieving it's anti-cancer efficacy - FTO inhibition, topoisomerase II inhibition, or a combination. If it is FTO inhibition driving anti-cancer efficacy, it will change the way all of the clinical data for Bisantrene is viewed; meaning we have a clinically mature FTO inhibitor most likely to be first-in-class and currently best-in-class. Drugs that fall under these categories achieve multi-billion dollar buyouts due to the enormous opportunity to capture a large portion of the addressable market. The true addressable market for an FTO inhibitor is currently unknown, but estimations are very large.

Around Q4 2021, we may also expect information on;
- CoH 2.0
- Anti-cancer synergies with Bisantrene (anti-PD1, TKIs, HMAs, NAs, and maybe more?)
- FTO inhibition in normal cells (upregulation of autophagy?)
- In-human FTO inhibitory and/or methylation/demethylation data (from either P1/2 trials or P1DE)

The strength of RAC and Bisantrene is the current first-in-class and best-in-class status with enormous amount of clinical efficacy, safety, and tolerability. I think starting the conversation later opens up the opportunity for competitors that may challenge the best-in-class status.

I am less versed in what a market cap should or should not be prior to approaching pharmaceutical companies. However, I do know that if/when an offer was to be announced, the market will inevitably wake up and re-rate to that level. Of course, if multiple BPs are addressed at the same time and an offer was to come, then I think there will be some time placed on determining potential value of Bisantrene. This analysis may include potential revenue, competitors, clinical efficacy, market capitalization, synergies, other indications, and other things, which may motivate a counter offer by one or more pharmaceutical companies. I have confidence that the first-in-class and best-in-class status of Bisantrene will drive competition among BPs. Of course, based on a peer analysis I completed not long ago, I would reject an offer below AUS $9.4B. As data matures, I may change this figure which I will announce.