Race Oncology Ltd (ASX: RAC) shares are slipping in late morning trade despite the company providing a positive update. At the time of writing, the Race share price has slumped 1.27% lower to $3.90.
Below we take a look at the ASX healthcare share's collaborative preclinical study announcement.
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What did the company announce?
The Race share price is moving lower after the company reported it has entered into a collaborative preclinical research program with The University of Newcastle.
Well-known cancer researcher, Associate Professor Nikki Verrills, will lead the study. Verrills has previously collaborated with Race in the ASX pharmaceutical company's preclinical breast and ovarian cancer programs.
According to today's release, the collaborative program will use "cellular models to investigate Bisantrene as a novel treatment for clear cell renal cell carcinoma (ccRCC)". ccRCC is a type of kidney cancer, with a 5-year survival rate of only around 12%.
Race's Bisantrene is a targeted inhibitor of the Fat Mass and Obesity associated protein (FTO). According to Race, earlier studies have indicated "FTO enzyme activity is essential for ccRCC survival and the inhibition of FTO can directly kill more than 90% of ccRCCs".
Commenting on the preclinical study, Race Oncology chief scientific officer Daniel Tillett said:
This is a very important project for Race and we are looking forward to collaborating further with Associate Professor Verrills. Recent scientific developments have identified Bisantrene as a potent targeted agent of FTO which offers the possibility of novel treatment options for patients with kidney cancer that can rapidly be translated into the clinic.
We are excited about this research which will further our knowledge of Bisantrene and it adds to the FTO-directed preclinical work we have just initiated in melanoma.
Race said the project will commence immediately and it expects to report results to the market over the next 12 months.
Race Oncology share price snapshot
There's no doubt Race Oncology shareholders who bought shares 12 months ago are pleased. Race shares are up a jaw-dropping 1,460% over the past full year, compared to a gain of 40% on the All Ordinaries Index (ASX: XAO).
So far in 2021, the Race share price is up by 100%.
