Racura Oncology Limited (ASX: RAC), a Phase 3 stage clinical biopharmaceutical company with a mission to silence cancer, has announced the strong outcome of its Piggyback Option offer. Its lead asset, (E,E)-bisantrene (RC220), is a small molecule anticancer agent in clinical programs for acute myeloid leukaemia (AML), mutant epidermal growth factor receptor non-small cell lung cancer (EGFRm NSCLC), and anthracycline cardioprotection. The company reported on 4 June 2026 that an impressive 97% of the 20,141,793 available Piggyback Options were exercised, raising a total of $24.38 million. This significant participation rate, with 19,510,592 options converted, reflects strong shareholder engagement and support following the offer’s close on 29 May 2026.
The $24.38 million raised from the option exercises will significantly bolster Racura Oncology’s financial position. These funds are earmarked to fully finance key clinical programs, including the Stage A of its Phase 3 acute myeloid leukaemia (AML) trial, the HARNESS-1 lung cancer program, and the CPACS anthracycline cardioprotection trial, alongside providing general working capital. When combined with the proceeds from the initial Bonus Option offer, which concluded on 4 June 2024, the total capital raised across both offers now stands at $29.4 million.
Executive Chair, Dr Pete Smith, expressed gratitude for the robust support. “The support from our shareholders is deeply appreciated. Achieving a 97% conversion rate is a remarkable outcome and an endorsement of our clinical development program for RC220. This funding enables us to fund the HARNESS-1, CPACS and Stage A of our Phase 3 AML to meaningful clinical readouts,” he stated. CEO and Managing Director, Dr Daniel Tillett, added, “Achieving such an outstanding result demonstrates the commitment of our shareholders and allows us to progress our clinical programs with the funds to complete. This funding outcome is a significant milestone for Racura.”
