Race Oncology Raises $3.22m at 6% Premium to Fund Lung Cancer Study
Race Oncology has raised $3.22 million through a private placement to fund its HARNESS-1 Phase 1a/b trial targeting non-small cell lung cancer, with patient enrolment expected early next year.
- Raised $3.22 million via private placement at a 6% premium
- Funding supports HARNESS-1 Phase 1a/b trial of RC220 with Tagrisso
- Trial received ethics approval; patient enrolment to start early Q1 2026
- CEO and shareholders committed to early option conversions to secure funding
- Board approved trial initiation following funding confirmation
Funding Secured for Critical Lung Cancer Trial
Race Oncology has successfully completed a $3.22 million private placement to finance the HARNESS-1 Phase 1a/b clinical trial, which investigates the combination of its proprietary drug RC220 with Tagrisso® (osimertinib) for treating non-small cell lung cancer (NSCLC). The placement was conducted at a 6% premium to the recent closing share price, reflecting strong investor confidence in the company’s oncology pipeline.
The funding package also includes early conversions of $1.25 options from May 2026 and a binding commitment from CEO Dr Daniel Tillett to convert his options, collectively providing the necessary capital to commence the trial without delay. This financial backing has enabled the Race Oncology board to formally approve the initiation of HARNESS-1.
Trial Progress and Regulatory Milestones
The HARNESS-1 trial has secured ethics approval from the Human Research Ethics Committee at St Vincent’s Hospital in Melbourne, a key regulatory milestone. Patient enrolment is anticipated to begin in early Q1 2026, pending final institutional approvals and site activation at Monash Health. This trial represents a significant step forward in Race Oncology’s efforts to address the unmet needs of patients with EGFR-mutant NSCLC, a challenging subset of lung cancer.
RC220, Race’s proprietary formulation of the small molecule anticancer agent RCDS1, is designed to inhibit cancer growth regulators and has shown promise in earlier studies. Combining RC220 with Tagrisso, a well-established targeted therapy, could potentially enhance treatment efficacy and improve patient outcomes.
Investor Support and Strategic Outlook
CEO Dr Daniel Tillett expressed gratitude towards the existing sophisticated shareholders who participated in the placement, highlighting their shared belief in RC220’s transformative potential. The company’s ability to secure funding from committed investors and management underscores confidence in its clinical strategy and future growth prospects.
Race Oncology continues to explore partnerships and licensing opportunities to accelerate global access to RC220. The successful launch of HARNESS-1 will be a critical catalyst for the company, potentially paving the way for further clinical development and commercialisation efforts.
Bottom Line?
With funding secured and trial approvals in place, Race Oncology is poised to advance its lung cancer program into a pivotal phase.
Questions in the middle?
- How quickly will patient enrolment ramp up following site activations?
- What interim data milestones can investors expect from the HARNESS-1 trial?
- Are there plans for additional partnerships to support RC220’s global development?
