Race Oncology, a cutting-edge precision oncology company listed on ASX, is making waves in the world of cancer treatment with its Phase II/III drug, Zantrene. The drug targets a specific protein linked to several types of cancer, including kidney cancer and melanoma.
With promising clinical data supporting Zantrene's effectiveness in treating leukaemia, breast, and ovarian cancer, excitement is in the air for Race Oncology and its shareholders.
Race Oncology emphasises maintaining open, frequent communication with its shareholders. Chief Scientific Officer Daniel Tillett believes that proper shareholder engagement is crucial, saying, "Without good shareholder engagement, your shareholders have good reason to start believing that you're not acting in their best interests."
The entire management team, including CEO Phil Lynch, takes responsibility for keeping shareholders informed about Race Oncology's future. They release regular updates through various channels, such as mail, email, social media, and forums, fostering a deep understanding and belief in the company's mission among their investor base.
In 2021, Race Oncology sought to raise capital to fund the following stages of trials for Zantrene.
To fully understand their options, the company utilised InvestorHub to measure and model their capital potential, which predicted a reliable $20m raise via an SPP. This prediction provided the confidence needed for Race Oncology to proceed with an SPP instead of a traditional placement.
Partnering with InvestorHub, Race Oncology launched the SPP in November and December 2021. The campaign exceeded expectations, capturing $43.9m worth of oversubscribed bids from 2,340 participating shareholders within three weeks.
As a result, Race Oncology raised $29.7M in a heavily oversubscribed Share Purchase Plan, demonstrating the impact of proactive shareholder engagement on capital-raising outcomes.
CEO Phil Lynch expressed gratitude for the strong shareholder support, stating, “The Race team has been humbled by the extraordinary show of shareholder support for our Share Purchase Plan... We move into 2022 in an exceptional position, with many critical, reportable milestones ahead of us.”
Chief Scientific Officer Daniel Tillett echoed the sentiment, saying, “InvestorHub gave us the means and ability to continue to work with our incredibly generous shareholder base and continue our journey of growth together... It is extremely humbling to have so many of our shareholders willing to join and support us on the exciting journey to bring Zantrene to patients in need.”
Pharmaceuticals, Biotechnology & Life Sciences