Just thinking through the gap in share price, Bisantrene IP was...

Just thinking through the gap in share price, Bisantrene IP was acquired from Update Pharma in 2016 for circa $3m, RACE now has a MC of $200m+ not a bad improvement.

Things are obviously moving from an 'idea phase' to 'commercialisation' albeit not quite there yet - as is being dictated by the markets view of the SP.

Importantly, RACE currently has no revenue streams so is 100% reliant on the success of Bisantrene - all our eggs in one basket. This is progressively being derisked by 5-Path and now 3 Pillar strategies but on balance are still early days.

Whilst the historical data will be invaluable to the future success of commercialising Bisantrene that value will unlikely be unlocked until more progress is made in the 3 Pillar strategy.

With the 3-Pillar strategies progressing during 2021 / trial commencement, I expect SP value gap to reduce.

In summary, the fair values being discussed on HC seem entirely justified it is simply the market wants to see results before reflecting this in the SP. So just be patient and lets see what 2021 has to offer, I think it will be another stellar year!