Race appoints US consultant to drive partnering, investment, clinical funding

Race Oncology is pleased to announce that it has executed an agreement with Mr Tom Lee to assist Race with partnering and funding opportunities in the US, with a focus on Houston, Texas.

Mr Lee is well-connected to the MD Anderson Cancer Center and other institutions, opinion-leaders and investors in Texas. Under the initial 12-month agreement, Mr Lee will be engaged to:

  • Make introductions to opinion leaders and clinical trial groups at MD Anderson Cancer Center, including pursuing funding opportunities for Bisantrene clinical trials.
  • Make introductions to potential investors for Race.
  • Make introductions to potential licensing and M&A partners.
  • Explore Texas grant and other non-dilutive funding opportunities for Race.

“I am extremely pleased to have the opportunity to work with Race Oncology,” said Mr Lee. “The Company has significant upside potential and I am eager to introduce the Race Oncology story to my clinical and investor contacts in Texas.”

Mr Lee will receive compensation in the form of 420,000 RAC share options. The options will be granted on the commencement date of the agreement (24 September 2018) and expire five years from that date.

The options vest monthly (35,000 options per month) over the 12-month period of the agreement. The exercise price of the options will be 1.25 times the 5-day VWAP of the RAC share price at the commencement date of the agreement.