Race Oncology Ltd (ASX:RAC, OTC:RAONF) has received a $4 million R&D tax incentive from the Australian Taxation Office (ATO) for FY2023.
The Federal Government’s R&D Tax Incentive scheme is designed to stimulate Australian industry investment in R&D by providing a tax offset of up to 48.5% (refundable) on eligible R&D expenditure.
Race CEO Daniel Tillett said: “The Australian Government’s R&D tax incentive program plays a critical role in helping Australian research-intensive companies to innovate.
"This incentive is especially important in helping biopharmaceutical companies such as Race Oncology solve significant unmet needs for patients.
"We are grateful to receive this refund and look forward to utilising the funds to accelerate the clinical development of bisantrene in 2024 and beyond.”
About Race Oncology
Race Oncology is an ASX-listed clinical-stage biopharmaceutical company with a dedicated mission to be at the heart of cancer care.
Race’s lead asset, bisantrene, is a small molecule chemotherapeutic. Bisantrene has a rich and unique clinical history with demonstrated therapeutic benefits in both adult and paediatric patients, a well-characterised safety profile and compelling clinical data demonstrating an anticancer effect and less cardiotoxicity over certain anthracyclines, such as doxorubicin.
The company is advancing a reformulated bisantrene (RC220) to address the high unmet needs of patients across multiple oncology indications, with a clinical focus on anthracycline combinations, where it hopes to deliver cardioprotection and enhanced anti-cancer activity in solid tumours.
Race is also exploring RC220 as a low-intensity treatment for acute myeloid leukaemia.
The company is investigating the effect of bisantrene on the m6A RNA pathway, following independent research published by the City of Hope identifying bisantrene as a potent inhibitor of FTO (Fat mass and obesity-associated protein).
Dysregulation of the m6 A RNA pathway has been described in numerous peer-reviewed studies to be a driver of a diverse range of cancers.