Recce A$801,604 R&D Rebate Advance Received
SYDNEY Australia, 12 July 2023: Recce Pharmaceuticals Ltd (ASX:RCE, FSE:R9Q) (the Company), the Company developing a new class of Synthetic Anti-infectives, is pleased to announce further non-dilutive funds from Radium Capital (Radium) for A$801,604 of Recce’s future Research and Development (R) tax incentive.
The advance payment of A$801,604 now received from Radium Capital, represents an accountant verified proportion of its March-May FY23 R applicable expenditure. The non-dilutive funds come in addition to recently reported A$973,144, seeing A$3,682,787 of future R credit backed funds received and redeployed this financial year to date.
The Australian Government’s 43.5% Research Development Tax Incentive rebate is typically reserved for Australian-based R only; however, also has the ability to capture 43.5% of R applicable activities overseas as well (as reflected in this rebate).
Recce Pharmaceuticals Chief Executive Officer, James Graham said, “We welcome the latest R rebate advance of A$801,604, to support our ongoing clinical progress and achieve our operational goals.”
This announcement has been approved for release by Recce Pharmaceuticals Board.
About Recce Pharmaceuticals Ltd
Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) is developing a new class of Synthetic Anti-Infectives designed to address the urgent global health problems of antibiotic-resistant superbugs and emerging viral pathogens.
Recce’s anti-infective pipeline includes three patented, broad-spectrum, synthetic polymer anti-infectives: RECCE® 327 as an intravenous and topical therapy that is being developed for the treatment of serious and potentially life-threatening infections due to Gram-positive and Gram-negative bacteria including their superbug forms; RECCE® 435 as an orally administered therapy for bacterial infections; and RECCE® 529 for viral infections. Through their multi-layered mechanisms of action, Recce’s anti-infectives have the potential to overcome the hypercellular mutation of bacteria and viruses – the challenge of all existing antibiotics to date.
The FDA has awarded RECCE® 327 Qualified Infectious Disease Product designation under the Generating Antibiotic Initiatives Now (GAIN) Act – labelling it for Fast Track Designation, plus 10 years of market exclusivity post approval. Further to this designation, RECCE® 327 has been included on The Pew Charitable Trusts Global New Antibiotics in Development Pipeline as the world’s only synthetic polymer and sepsis drug candidate in development. RECCE® 327 is not yet market approved for use in humans with further clinical testing required to fully evaluate safety and efficacy.
Recce wholly owns its automated manufacturing, which is supporting present clinical trials. Recce’s anti-infective pipeline seeks to exploit the unique capabilities of its technologies targeting synergistic, unmet medical needs.
