Speculative M&A Transaction Analysis, page-594

This is a very good point. It would seem that we can imply some assurance from the historic trials (predominantly from a safety perspective and effectiveness from a speculative perspective), but a significant amount of work remains to determine Zantrene's optimal use case as an FTO inhibitor. I imagine that the P1DE trial will be mostly focused on efficacy and developing an understanding of the TAM for Zantrene, given toxicity profile is fairly well understood. I still contend that at this stage, the market hasn't yet recognised the significance of the shift from 'old anthracyclene' to 'BIC FTO inhibitor' and see similarities of our current situation with the struggles faced by the Keytruda team as they tried to convince Merck of the opportunity as a PD-1 Inhibitor (in our case, it's convincing the market of the value of the value of a BIC FTO Inhibitor). I think once we see even the first indication of results for FTO, perhaps the market will start to wake up to the opportunity. I really hope you're perspective on the P1DE trial comes to fruition, as I see a trickle of positive responses for different and varying cases of FTO overexpression will build conviction in shareholders. I can definitely see myself adding to my RAC investment through the progression of the trial, as my personal level of conviction increases. Yes, this could be at significantly higher prices than today, but would remain significantly below the buyout potential of Zantrene.

"If RAC can show a process to BP that can identify appropriate patients, treat them, and get great objective clinical responses, then RAC shareholder will probably be part of the largest ever Australian biotechnology buyout"

This statement keeps me up at night at least one hour before I can finally get some shut eye! Out of interest, I wonder what is the largest previous biotech buyout in Australia? The largest that I've heard of is Viralytics at $500m, but be keen to know if there have been bigger ones.

@RaceOncology, thanks for your response! I imagine that an open-label P1DE trial for all comers will allow us to greatly diversify our trial results by indication and efficacy, which will be good to broaden the perceived TAM for Zantrene. I also wonder whether the P1DE trial would have an indefinite or long-term timeline given the number of potential indications and synergies to test (for example, Keytruda phase 1 trial ended up with over 1200 patients running over 7 years). Is our goal to reach completed Phase 2 FTO trials prior to a buyout, or would we view Race as 'on market' once the FTO P1DE data starts to trickle in? I imagine if we see confirmation of the indications/synergies pointed out by Mason, that conducting P2 trials for each of these would be very sizable in cost, beyond Race's current balance sheet.