Three investors toss an 'unsolicited' $3m at Race Oncology

Race Oncology (ASX:RAC), whose share price has been running since issuing positive cancer clinical trial results mid-June, has capitalised on the news to raise $3m in cash.

The company’s stock rose another 7 per cent on the news to 83c.

The share placement to Kidder Williams’ David Williams, EFM Asset Management’s Jeff Emmanuel and the Merchant Opportunities Fund, was done at 60c a share.

The company plans to use the money to fund its bisantrene Phase II combination myeloid leukaemia (AML) trial, planned to begin in late 2020.

The cash was unsolicited, says Race chairman Dr John Cullity, and followed the release of new bisantrene data in June that showed 40 per cent of patients responded to the drug.

All three were involved in the recent merger of cancer diagnostics companies Sienna (ASX:SDX) and Bard1 (ASX:BD1).

In other health news:

Brain cancer biotech Patrys (ASX:PAB) is up on news the Olivia Newton-John Cancer Research Institute at the La Trobe University School of Cancer Medicine has been awarded a $50,000 Federal Government grant to support research on the company’s PAT-DX1 program.

The research is focused on understanding the genetic regulation of metastasis, primarily in breast cancer, and is aimed at identifying new targets for molecular based therapy for patients with progressive disease.

Adelaide medtech company LBT Innovations (ASX:LBT) is also jumping on news of a new deal, this time with oneservice AG as a service provider for the APA Independence lab tool.