The Race Oncology Ltd (ASX: RAC) share price has been a positive performer on Wednesday.
In morning trade, the precision oncology company’s shares are up 3.5% to $3.30.
Why is the Race Oncology share price rising today?
Investors have been bidding the Race Oncology share price higher this morning following the release of a positive announcement.
According to the release, the company has been issued a new patent (US 11,135,201) from the United States Patent and Trademarks Office (USPTO) for its cancer drug, Zantrene (bisantrene dihydrochloride).
The company notes that this is Race’s fifth patent for Zantrene in the United States.
Race’s CEO & Managing Director, Phillip Lynch, commented: “This latest US patent provides Race with additional protection around the use, formulation and compositions of Zantrene (and related chemical structures) that improve the therapeutic benefit of Zantrene.”
It builds on the company’s existing Zantrene patents granted in the USA, further strengthening its IP position for the product.
The company also notes that the patent expands Race’s IP portfolio in the therapeutic utility of Zantrene (and related chemical structures). This is particularly for methods, formulations, and compositions that improve the therapeutic efficacy of Zantrene and reduce side effects.
What is Zantrene?
Zantrene is a potent inhibitor of the Fatso/Fat mass and obesity associated (FTO) protein.
The company notes that over-expression of FTO has been shown to be the genetic driver of a diverse range of cancers.
As such, Race is exploring the use of Zantrene as a new therapy for melanoma and clear cell renal cell carcinoma, which are both frequent FTO over-expressing cancers.
The company also highlights that it has compelling clinical data for the use of Bisantrene as a chemotherapeutic agent with reduced cardiotoxicity in Acute Myeloid Leukaemia (AML), breast and ovarian cancers and is investigating its use in these areas.
The Race Oncology share price is now up 77% since the start of the year.
The post Why the Race Oncology (ASX:RAC) share price is storming higher today appeared first on The Motley Fool Australia.
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More reading
- Why the Race Oncology (ASX:RAC) share price surged 7% today
- Why is the Race Oncology (ASX:RAC) share price up 18% in a month?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.
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