ASX Health Stocks: Race and Rhythm make their moves to advance Australian share

Race Oncology is set to commence Phase 1 study of Zantrene after being given governance approval
Rhythm Biosciences has filed blood test ColoSTAT with the TGA
Proteomics gets $400k government funding

Race Oncology (ASX:RAC) has just received governance approval for the lead site in its clinical trial of lead asset, Zantrene.

The approval was given by the Calvary Mater Newcastle Hospital, and will allow Race to initiate the trial and recruit the first patient.

The open label Phase 1 trial, which will include a dose expansion Phase 2 stage, will recruit up to 60 patients with extramedullary AML (acute myeloid leukemia) or MDS (myelodysplastic syndromes) – both a form of bone marrow cancer.

The trial is expected to take 36 to 40 months, with full patient recruitment completed over approximately 18 months, with first site meeting scheduled for 31 May.

Earlier studies have concluded that Zantrene on its own and in combination with known kidney cancer drugs can kill kidney cancer cells at clinically relevant concentrations.

Race said these results support advancing Zantrene into the clinic as a possible new treatment option for advanced kidney cancer patients.

Meanwhile Rhythym Biosciences (ASX:RHY) has filed for an Australian Register of Therapeutic Goods (ARTG) listing for ColoSTAT.

The ARTG filing is the final step required to secure market access in Australia, with launch expected later this year.

ColoSTAT is a simple blood test developed by Rhythm for the detection of colorectal cancer, and is aimed at global mass market screening.

“We are very close to being in a unique position to transform and revolutionise the colorectal diagnostics market with our lifesaving cancer detection technology,” said Rythym’s CEO, Glenn Gilbert.

Race Oncology and Rhythm Biosciences prices today:

Other noteworthy ASX health stock announcements today

Proteomics International (ASX:PIQ)

Proteomics has been awarded $413,516 in funding to support manufacture of the PromarkerD test for diabetic kidney disease, and other diagnostic tests in Australia.

Funding was awarded by MTPConnect as part of the Australian Government’s $45 million BioMedTech Horizons program, a Medical Research Future Fund (MRFF) initiative.

Proteomics says it will use the money to establish local manufacturing supply chains, quality assurance procedures, and support the PromarkerD application for eventual TGA approval.

Incannex Healthcare (ASX:IHL)

Incannex has entered into a Share Sale and Purchase Agreement to acquire 100% of APIRx Pharmaceuticals USA.

Shareholders of APIRx will be issued a total of 218,169,506 new IHL shares at a value of $0.573 per share.

CEO of Incannex, Joel Latham said: “The acquisition of APIRx presents us with clear long and short term opportunities for significant value growth.”

“Several drug candidates have shortened regulatory pathways to break into areas of patient need representing very large global markets. These candidates are our initial development priority,” he added.

Dimerix (ASX:DXB)

Dimerix CEO Nina Webster will be presenting at the 16th Bioshares Biotech Summit in Albury, NSW today.

The Bioshares Biotech Summit brings together biotech companies and equity capital markets participants to explore not just what biotechnology companies do, but also how outside influences can impact development programs.

Dr Webster’s speech will focus on what has changed in the global kidney diseases space and why, including how this influenced the Dimerix Phase 3 study design and funding structure.