A reformulated “lost” AML drug resurfaces as a potential MYC-silencing G4 platform—huge upside if RC220 bridges cleanly, but execution and trial binary risk remain decisive.
Overview
Racura Oncology Ltd (formerly Race Oncology; rebranded Dec 2025) is a Sydney-based Phase 3 clinical-stage biopharma focused on developing and commercializing bisantrene via its proprietary reformulation RC220. Bisantrene has unusual “prior life” credibility: originally developed in the 1970s/80s, it achieved approval in France (1988) for AML but was later abandoned largely due to commercial and formulation/solubility limitations. Racura’s thesis is that RC220 solves delivery barriers (peripheral IV) and that modern biology has uncovered differentiated mechanisms (G4 binding/MYC silencing; FTO inhibition/m6A modulation) that support broader oncology and cardioprotection opportunities. The company is pre-revenue, with cash inflows primarily from Australia’s R&D Tax Incentive rebates and capital markets; notable refunds include A$5.25M (Dec 2024) and A$2.8M (Nov 2025). As of 31 Dec 2025, cash was ~A$20.94M with runway into 2027, positioning the company to reach multiple near-term catalysts across AML, NSCLC (HARNESS‑1), and cardioprotection (CPACS).