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Race Oncology closes A$3.2M oversubscribed placement

Race Oncology Ltd. raised about A$3.2 million before costs through an oversubscribed placement of new shares.

Under the placement, the Australian pharmaceutical company issued 9,872,062 shares priced 32 Australian cents each.

Race Oncology will use proceeds to manufacture Bisantrene for its U.S. registration clinical trial. Bisantrene is the company's small molecule chemotherapy drug used to treat acute myeloid leukemia, a cancer that affects the blood and bone marrow.

Proceeds will also go toward expanding Race Oncology's Bisantrene named patient program, which makes the drug available to certain patients prior to its full regulatory approval.

The company said it plans to file a new drug application for Bisantrene in the U.S.