The Race Oncology Ltd (ASX: RAC) share price is rising today after the company announced positive findings on its anti-cancer drug trials.
At the time of writing, Race Oncology shares are in the green, up 4.47% trading at $3.27.
Race Oncology is a Sydney-based company working on clinical development and commercialisation of the anti-cancer drug Zantrene.
What did the company announce today?
Race Oncology is investigating if Zantrene can protect the heart from damage by other drugs.
In today's release, the company said preclinical studies showed that Zantrene was able to "protect heart muscle cells from a new class of anti-cancer drug (Carfilzomib)-induced cell death" while also improving its ability to kill cancer cells.
Race advised it has submitted a patent application "addressing the combination of Zantrene with carfilzomib for the protection of the heart of cancer patients". If granted, the patent would cover the clinical use of the drug combination until 2041, it said.
The company added that its findings opened up a potential for collaboration with other companies. Carfilzomib is owned by US pharmaceutical giant Amgen, Inc.
Race Oncology advised its next steps included conducting animal studies early next year and performing more preclinical studies on other anti-cancer drugs.
What did management say?
Speaking about the news potentially driving the Race Oncology share price today, CEO Phillip Lynch said:
This additional result further underscores the potential patient utility and commercial applicability for Zantrene.
We will be allocating additional resources to ensure this discovery can be comprehensively addressed.
Race Oncology share price snapshot
The Race Oncology share price has surged this year to date, up 86%. It is also up almost 55% over the past 12 months.
For comparison, the benchmark All Ordinaries Index (ASX: XAO) is up nearly 11% over the last year.
The yearly high for the share price is $4.23, while the yearly low was $1.62.
Based on its current price of $3.27, Race Oncology has a market capitalisation of around $489 million.
