The Race Oncology Ltd (ASX:RAC) share price is rocketing higher on Thursday following the release of an update on its Bisantrene drug…
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The Race Oncology Ltd (ASX: RAC) share price has been a very strong performer on Thursday.
In morning trade, the precision oncology company’s shares are up 10% to $3.38.
Why is the Race Oncology share price storming higher?
Investors have been buying the company’s shares following the release of a positive announcement this morning.
That announcement revealed details of a recent scientific publication in the prestigious journal Nature Communication.
According to the release, the publication confirms that its phase 2/3 cancer drug Bisantrene is a highly effective inhibitor of the Fat Mass and Obesity associated protein (FTO).
The release notes that the independent work was performed by a research team at the University of Chicago led by prominent Professors Chuan He and Yu-Ying He. It builds on the original identification of Bisantrene as a potent FTO inhibitor by Professor Chen and his team at the City of Hope Hospital in 2020.
In addition, the University of Chicago team has identified that FTO plays a critical role in the development of skin cancers caused by low-level arsenic exposure and that Bisantrene-targeted inhibition of FTO limits the growth of these skin cancers in both cell culture and mice.
Race Oncology’s Chief Scientific Officer, Dr Daniel Tillett, said: “The independent confirmation that Bisantrene is able to target FTO and treat skin cancer by such a distinguished team is of great importance. Many scientists and pharmaceutical companies are sceptical of potential cancer breakthroughs until they have been replicated by an independent group of researchers. This new paper repeating the earlier FTO work of the City of Hope Hospital is a major step forward for our clinical plans for Bisantrene.”
Following today’s gain, the Race Oncology share price is now up an impressive 73% since the start of the year. This extends its staggering 12-month gain to over 1,000%.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.