Race Oncology Ltd (ASX:RAC) has taken the opportunity to optimise its leadership structure in conjunction with board departures to ensure the success of its lead asset bisantrene.
Dr Peter Smith, who was appointed to the board in June, will step into the role of executive director.
Notably, the company has announced the return of former chief strategy officer and executive director Dr Daniel Tillett as a consultant to support the clinical development of bisantrene.
This transition comes as the company bids farewell to Damian Clarke-Bruce, who has tendered his resignation as executive director and chief executive officer, and to non-executive director Dr John Cullity, who has also communicated his intent to retire.
The new team is expected to swiftly refocus plans to optimise the positioning of bisantrene, with a particular focus on short- to medium-term clinical and pre-clinical deliverables.
Rebalancing team
“Part of the board’s role is to focus on delivering best value to shareholders,” Race's independent non-executive chair Mary Harney said.
“In today’s news, we have moved quickly to rebalance the team in a manner which we believe both fits with shareholder expectations and enables us to move forward, making appropriate adjustments to and ultimately delivering on our primary focus of getting bisantrene into the hands of partners and patients.
“I’m delighted that Dr Daniel Tillet, who was formerly the CSO and executive director and holds substantial knowledge on bisantrene, has agreed to be part of these discussions moving forward.
"Daniel will return through a consulting engagement that will see him contributing to optimising the recently launched strategic plan.”
Expressing gratitude
In thanking Smith for stepping into the role of executive director, Harney added: “He brings an unquestionable pedigree in oncology, drug development, Australian biotech and capital markets, pharma partnering and is an outstanding appointment for Race.
“I wish to acknowledge Damian Clarke-Bruce for delivering many achievements through his time with Race, including enhancing the strength of our clinical team, the collaboration with City of Hope to support our discovery programs, contracting Ardena to enable global GMP manufacturing, a comprehensive review of our intellectual property, clinical and regulatory pathways, and for opening many doors with clinicians, international KOL’s and potential partners.
“Finally, I would like to sincerely thank John Cullity for having served on the board of Race for five years, across a period which has seen the company grow and develop substantially.
“John also retains a significant shareholding which underscores his belief in bisantrene and Race Oncology.”
Pharma veteran
Smith’s fusion of healthcare insights and capital market acumen, honed through three decades of pharmaceutical and biotech industry experience, is poised to fortify Race’s market position.
With a background in both small and large pharmaceutical enterprises, including many years of experience running ASX-listed companies, he possesses a commercial skillset crucial for the company’s growth trajectory.
Smith, who has degrees from the University of Cambridge, including a PhD in cell signalling, is currently CEO of private biotechnology company Myrio Therapeutics and holds directorships in Myrio, MycRx Inc, Hula Therapeutics Inc and Amala Therapeutics.
Providing certainty
“I join Mary in thanking both John and Damian for their significant contributions,” Smith said.
“One of the first things we will do is work on providing some additional certainty to shareholders for the many value inflection points in the near term, around a solid clinical strategy for bisantrene, while executing in a manner that acknowledges our financial position and current market conditions.
“We have both an outstanding team and drug. I’m excited about working with the team to deliver outcomes for patients and shareholders alike, and particularly delighted that Daniel Tillett has committed to engage with us on that journey.”