On October 26, 2022 Race Oncology reported that The September quarter (Q1 FY 2023) was highlighted by the Race team’s development of an improved and novel formulation of the company’s lead drug, Zantrene which enables peripheral intravenous (IV) delivery (ASX Announcement: 28 September 2022) (Press release, Race Oncology, OCT 26, 2022, View Source [SID1234622548]). The manufacture of the new formulation (codenamed RC220) has been contracted to Societal (San Diego, CA, USA) with an expected delivery date of late Q2 CY 2023. This improved formulation provides additional IP patent protection through to 2043 and expands the drug’s potential market application in cancer.

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A second highlight was the initiation of the new m6 A RNA methylation pathway-targeted drug discovery program, in collaboration with Professor Martin Scanlon, through the Monash Fragment Platform (ASX Announcement: 27 September 2022). This utilises the latest NMR based fragment screening approach to identify novel drug fragments that can inhibit the m6 A RNA demethylases FTO and ALKBH5. The Race share buyback program continued through Quarter 1 FY 2023 with $1.2 million invested in the purchase and cancelation of 611,687 Race shares on-market at prices the Board viewed as opportunistic and in the shareholder’s interest utilising available capital excess to current committed programs. Race continues to progress its Three Pillar Strategy, capitalising on the opportunity of RNA therapeutics in cancer and cardioprotection provided by Zantrene.

Management commentary Race CEO Phillip Lynch said: "Our development update on the improved IV formulation is particularly important to future clinical trial plans, as well as to gains in IP and broader market utility for Zantrene." Race CSO Daniel Tillett said: "I am very proud of the work the Race preclinical team have undertaken in developing the new IV formulation. I know how much effort, hard work and lateral thinking has gone into solving the peripheral delivery problem, something the original developers of Zantrene were not able to accomplish. The value of this breakthrough will be revealed as we advance Zantrene in the clinic." Race Chairman John Cullity said: "In addition to the significant advances in formulation and trial planning through the quarter, a program of work was launched to further refine and Key events of the quarter 

On 27 September 2022, Race announced that it had contracted the Monash Fragment Platform (MFP) to complete a fragment-based screening program, aimed at discovering novel drugs that inhibit the m6 A RNA demethylases FTO and ALKBH5. This program may lead to new IP, solely owned by Race for molecules targeting cancer and other metabolic diseases.  On 28 September 2022 Race announced its researchers, led by Dr Benjamin Buckley, in collaboration with the University of Wollongong, had developed a new formulation of Zantrene that enables peripheral (arm or leg vein) intravenous (IV) delivery to patients. This formula provides clinicians with an easier to use alternative to the current central line formulation, adds new IP and is well suited to solid tumour application.Other news from the quarter  Chief Executive Officer (CEO) Phillip Lynch and Chief Scientific Officer (CSO) Daniel Tillett renewed their employee service agreements with Race from 1 September 2022.

The extended employment agreements retain the previously announced compensation (ASX Announcement: 12 April 2022) and continue unless terminated by the either of the employees or by Race on 3 months notice.
 Race scientists Professor Michael Kelso and Dr Daniel Tillett, in collaboration with researchers from the University of Newcastle were awarded $999,998 on 20 September 2022 by the Medical Research Future Fund (MRFF) for a grant entitled "Cardiovascular disease and cancer: identifying shared disease pathways and pharmacological management."
 From this quarter onwards, Race will share the Top 20 shareholder register to minimise individual shareholder requests and provide an additional level of transparency that shareholders have requested.
 Race CSO Dr Daniel Tillett purchased 107,868 shares on-market at an average price of $1.95 up to 5 October 2022. Dr Tillett is Race’s largest individual shareholder.
 The Race Annual General Meeting will be held on Thursday 24 November 12 pm, at The Press Room, Radisson Blue Hotel, 27 O’Connell Street, Sydney NSW.

The Race clinical team attended the Blood 2022 Meeting in Sydney from 14-17 September, the Annual Scientific Meeting of the Haematology Society of Australia and New Zealand, the Australian and New Zealand Society of Blood Transfusion and the Thrombosis and Haemostasis Society of Australia and New Zealand. The Race team presented at the Australian Microcap Investment conference in Melbourne on 18 October and held a briefing session, well attended by Melbournebased shareholders on 20 October. The company is grateful to all those shareholders and investors who made time to hear a progress update. Summary of cash flow and quarterly activity As of 30 September 2022, Race held cash and equivalents of $29.38 million, compared with $33.54 million on 30 June 2022. The net change in cash reserves of $4.16 million was used to fund continued research expenditure and product for trials at $2.24 million, and a further $1.24 million for the share buyback.

Listing rule 4.7C.3 Payments during the quarter to Related Parties amounted to $214k, comprising payments of salaries and superannuation to executive directors of $170k and board fees to non-executive directors of $43k. Shareholders by holding range Race is pleased to report that shareholders totalled 9,168 as of September 30, 2022, showing continued shareholder interest in Race’s progress.