Racura Oncology (RAC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 12:00 P.M. with a quorum present and proper constitution confirmed.

• Board members, management team, and company auditor were introduced.

• Agenda included the chair's address, formal business, and CEO presentation.

• The meeting highlighted significant progress in 2024, including clinical advancements and strategic appointments.

Financial performance review

• Market capitalisation as of November 2024 was $251.88m, with $14.62m cash at bank and no debt.

• Bonus option conversion raised $5m, with potential for an additional $25m via piggyback options by May 2026.

• Share price recovered from below AUD 0.70 to around AUD 1.50, with prudent capital management emphasized.

• Significant progress made in advancing RC220 bisantrene towards clinical trials.

• Manufacturing completed to GMP standards and toxicology studies to GLP standards.

Board and executive committee updates

• Dr Daniel Tillett was appointed Managing Director/CEO, Dr Peter Smith as Executive Chair, and Dr Serge Scrofani joined as Non-Executive Director.

• Mary Harney and Phil Lynch retired from the Board.

• Board renewal included retirement of two directors and appointment of new Executive Chair and Non-Executive Director.

• Strengthened scientific and clinical advisory boards with notable industry experts.