Racura Oncology raises $34.3M for clinical trials
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- Racura Oncology has secured a total of $34.3 million through multiple fundraising initiatives.
- The capital was raised directly from shareholders without paying any broker or underwriter fees.
- The company will use the funds to fully finance three oncology clinical programmes.
Racura Oncology (ASX:RAC) has raised $34.3 million to fully fund three upcoming clinical trials.
The multi-year fundraising programme has strengthened the company's cash balance compared to previous years.
“We look forward to updating investors on RC220's clinical progress,” said Racura Managing Director Dr Daniel Tillett.
The company placed 509,205 shortfall options to limit shareholder dilution, contributing an additional $636,506.25.
Following the announcement, the Racura share price was unchanged at $2.35.
The funds will support trials in acute myeloid leukaemia and non-small cell lung cancer.
Racura also plans to evaluate chemotherapy-related cardioprotection in solid tumour patients.
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