The Race Oncology Ltd (ASX: RAC) share price edged higher before being frozen today.
This comes after the pharmaceutical company requested its shares be placed in a trading halt.
At the time of writing, Race Oncology shares are on ice at $1.735 apiece.
It's worth noting the company's shares have fallen 28% in the past month following a drop-off in investor sentiment.
Image source: Getty Images
Why is the Race Oncology share price halted?
During mid-afternoon trade, the company requested the Race Oncology share price be halted while it prepares an announcement.
The request for the voluntary trading halt is in relation to the "release of clinical results for the dose escalation phase of the 1b/2 Zantrene AML trial in Israel".
While the results remain unknown, investors will have to wait until on or before Monday 30 May to find out. It is expected once the announcement is provided to the ASX, the trading halt will be lifted.
More on Zantrene
Race Oncology is currently in a phase 1b/2 relapsed/refractory (R/R) acute myeloid leukemia (AML) Zantrene trial at the Chaim Sheba Medical Centre in Israel.
The team is analysing clinical patient samples from the ongoing Zantrene study for FTO and related biomarkers. FTO refers to the fat mass and obesity-associated (FTO) gene, which mostly influences the body mass index (BMI).
Overexpression of FTO has been shown to be the genetic driver of a diverse range of cancers.
Race is exploring the use of Zantrene as a new therapy for melanoma and clear cell renal cell carcinoma which is a type of kidney cancer.
About the Race Oncology share price
Since this time last year, the Race Oncology share price has declined by 45% in value.
However, in 2022, the company's shares are further down, registering a loss of 52%.
Based on valuation grounds, Race Oncology has a market capitalisation of roughly $274.37 million.
