Race Joint Venture With TargImmune

Race Oncology Limited (ASX: RAC) announced today that it has executed a Letter
of Intent with TargImmune Therapeutics AG (Basel, Switzerland) to enter into a
joint venture between the two companies. The joint venture, to be called Race
Immunotherapeutics, will focus on developing new and improved cancer therapies
based on combining Bisantrene with TargImmune’s targeted cancer therapy
technology.

The Race Immunotherapeutics (“RITX”) joint venture will be a 50:50 partnership
between Race and TargImmune, and all new intellectual property created by RITX
will be equally co-owned by the parties through their ownership of the joint
venture. RITX will be independently funded and operations of the joint venture
will commence once funding is in place and formal agreements executed. Final
terms of the joint venture agreement are subject to approval of both companies’
boards. All core development work will be conducted by TargImmune scientists
in Basel, under the guidance of a steering committee that includes Race
scientific staff. Race will provide scientific support and Bisantrene drug
product, but no direct funding to the Joint Venture.

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