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Race Oncology raises A$1.45M via private placement to advance drug program

Race Oncology Ltd. raised A$1.45 million via a private placement of its common shares at 6.6 Australian cents each.

The issue price carried a 10% premium over the 30-day volume-weighted average share price and was above the Aug. 15 closing price.

Melbourne-based Race Oncology issued about 21.9 million shares to raise funds for advancing research on its chemotherapy drug Bisantrene. The drug has recently received orphan-drug status and a rare pediatric disease designation by the U.S. Food and Drug Administration.

Under the placement, Nucleics Pty. Ltd. founder and CEO Daniel Tillett invested A$561,000, three Race Oncology directors together invested A$375,000 and company's existing shareholders invested a total of A$510,000.

The shares to be issued under the placement will have attached 1:2 unlisted options, or one option for each two shares, at an exercisable price of 9.9 cents on or before Aug. 31, 2021.