Up 61% in 2021, why the Race Oncology (ASX:RAC) share price is marching higher again

The Race Oncology (ASX:RAC) share price marched higher today and is now up more than 60% in 2021. We look at the company’s latest results.

| More on:
Young doctor raising arms in air with hands in fists celebrating a new development

Image source: Getty Images

Hot on the heels of yesterday’s gains, Race Oncology Ltd (ASX: RAC) shares were marching higher again today. By the market’s close, the Race Oncology share price had jumped 2.27% to $3.15. That puts the total gains for the company’s shares at more than 61% so far in 2021.

Let’s take a look at the positive early preclinical ovarian cancer results announced by the company yesterday.

What did the company report?

In an ASX release yesterday morning, Race Oncology reported that early results indicate its cancer-fighting chemotherapeutic agent, Bisantrene, is effective in killing patient-derived ovarian cancer cell lines. Bisantrene killed cancer cells that were resistant to cisplatin, 5-fluorouracil and chlorambucil (the current standard of care ovarian cancer drugs).

Race Oncology is collaborating on the preclinical research program with The University of Newcastle. The research aims to identify Bisantrene’s usefulness in treating ovarian cancer. Nikki Verrills of the Hunter Medical Research Institute is spearheading the project.

Ovarian cancer is the fifth most common cause of cancer-related death among women and the most lethal gynaecological malignancy in developed countries.

Commenting on the results Race Oncology CSO Daniel Tillett said:

These initial results from Nikki’s team further highlight Bisantrene’s potential use in ovarian cancer patients as a safer alternative to the commonly used anthracyclines which can be very dangerous to the hearts of patients. It is highly encouraging that Bisantrene is able to kill ovarian cancer cells resistant to currently used treatments and these findings support further exploration of the use of Bisantrene in ovarian cancer patients.

The company’s CEO Phillip Lynch added:

This program is further evidence of Race delivering against the Three Pillar strategy, taking counsel, and completing feasibility assessments with a view to mapping promising yet attainable clinical paths for Bisantrene.

Race Oncology has planned additional trials to confirm Bisantrene’s efficacy.

Race Oncology share price snapshot

Over the past 12 months, the Race Oncology share price has surged an eye-popping 703%. That compares to a 0.1% loss on the All Ordinaries Index (ASX: XAO).

Year to date, Race Oncology shares are up by around 61%.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News