Race Oncology (ASX:RAC) said no vein inflammation or any other adverse events were reported after its first patient was administered a dose of its drug candidate, reformulated bisantrene (RC220), in the phase one clinical trial for advanced solid tumor patients, according to a Tuesday filing with the Australian bourse.

The trial aims to assess the safety, tolerability, and pharmacokinetics of RC220 in combination with the chemotherapy drug doxorubicin, the filing said.

Stage one will enroll up to 33 patients across multiple sites in Australia, Hong Kong, and South Korea, the filing added.

After an interim analysis, the optimal dosage of RC220 combined with doxorubicin will be evaluated in an additional 20 patients in stage two of the trial, the filing added.

Shares of the company jumped 14% in recent Thursday trade.