Why the Race Oncology (ASX:RAC) share price is charging higher today

This precision oncology company’s shares have almost doubled in 2021…

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The Race Oncology Ltd (ASX: RAC) share price has been a positive performer on Wednesday.

In morning trade, the precision oncology company’s shares are up 3% to $3.70.

This latest gain means the Race Oncology share price is now up 99% in 2021.

Why is the Race Oncology share price rising?

Investors have been buying the company’s shares this morning after it provided an update on its open label Phase 1/2 clinical trial in patients with relapsed or refractory (r/r) extramedullary Acute Myeloid Leukemia (AML).

According to the release, the company has appointed contract research organisation, Parexel International, to support the trial.

The trial will be led by Principal Investigator Associate Professor Anoop Enjeti, Director of Haematology at the Calvary Mater Newcastle and John Hunter Hospitals.

The release advises that Dr Enjeti is a highly experienced clinical haematologist, having designed and led more than 25 clinical trials. Dr Enjeti is also the co-chair of the MDS/AML working party for the Australasian Lymphoma and Leukemia Group for cooperative clinical trials.

This study follows the investigator-initiated Phase 2 clinical trial of Bisantrene, conducted at Israel’s Sheba Medical Center, which reported promising results in patients with extramedullary AML in June 2020

What is extramedullary AML?

Extramedullary AML occurs when leukaemia spreads from the bone marrow and forms solid tumours in tissues such as the skin, breast, kidney, brain, or other organs. A 2020 prospective positron imaging trial identified that up to 22% of AML patients have the extramedullary form.

Extramedullary AML patients have no clinically approved treatments and limited experimental treatment options, with many clinical trials explicitly excluding this difficult to treat form of AML.

Race Chief Scientific Officer, Daniel Tillett, said: “We are excited to begin this study with the twin aims of exploring the use of Bisantrene to treat FTO overexpressing cancers and bring it to market as a heart safer orphan drug treatment for AML. This trial will be transformational for Race and our shareholders.”

This sentiment was echoed by Race’s CEO and Managing Director, Phillip Lynch.

He said: “This study supports our Pillar 3 registration ambition to see Bisantrene’s historical safety and efficacy in AML demonstrated with superior drug combinations that may benefit patients who remain challenged by initial treatment failures.”

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Motley Fool contributor James Mickleboro 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.

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