The Race Oncology Ltd (ASX: RAC) share price is climbing higher on Friday after the drug developer revealed its June quarter activity report.
At the time of writing, shares in the company are trading 5.4% higher to $2.15 after initially having a slow start to the day.
The significant move is in contrast with an underwhelming performance from the S&P/ASX 200 Index (ASX: XJO) today, with the benchmark inching only 0.06% ahead.
Race Oncology share price boosted by progress
Here are some of the main highlights from Race Oncology's latest quarterly activities report:
- Completion of Phase 1b involving relapsed Acute Myeloid Leukaemia trial of Zantrene
- Moving to Phase 2 efficacy study with plans to recruit 17 patients
- Positive findings for heart protection from chemotherapy treatment
- On-market share buyback for up to 4 million shares
- Net cash outflow of $2.14 million during the quarter
- Cash position of $33.54 million at the end of June
What else happened in the quarter?
The three-month period was a pivotal time of progress for the company's Zantrene drug. In addition to successfully completing its Phase 1b trial, Race made several other important findings involving the treatment.
For example, on 22 June, Race announced interim results from its preclinical melanoma research program. Based on the data, Zantrene was found to improve cancer immunotherapy in three key ways. These are the direct killing of melanoma cells, activation of immune cells, and reducing immune evasion genes.
Moreover, the company informed shareholders of findings suggesting heart protection from the damaging effects of chemotherapy when using Zantrene. This information was disclosed to the market on 30 June, followed by a 13% jump in the Race Oncology share price the next day.
What did management say?
In light of the reassuring results, Race Oncology management shared a positive sentiment with shareholders today.
Commenting on the quarter, Race CEO Phillip Lynch said:
We were particularly pleased to see the human heart cell data corroborated in a whole mouse model, confirming that Zantrene when used with doxorubicin protects from cardiac damage, while also improving anti-cancer efficacy. We are now developing clinical programs as we pursue realisation of this high-value opportunity for Zantrene.
What's next?
Looking to the future, investors can expect more information regarding drug development efforts during the half. Specifically, the company will progress with preclinical in vitro for breast cancer, multiple myeloma, and kidney cancer.
Furthermore, preclinical in vivo (in animal) studies will commence for the same diseases. However, results are said to be shared once relevant IP protections are in place.
Lastly, clinical trials are expected to take place in this year's third quarter.
Race Oncology share price snapshot
While the Race Oncology share price has been on a winning streak in the last month, rising 30%, the year-to-date performance is less impressive.
Since 2022 began, shares in the company have fallen 40% in value. For reference, 15 June 2022 marked a 52-week low, as the Race Oncology share price hit $1.45.
