Recce Pharmaceuticals Awarded AusIndustry Advanced Overseas Finding for Synthetic Anti-Infective Research & Development Program
SYDNEY, Australia, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q), the Company developing a new class of synthetic anti-infectives, today announced it was awarded an Advanced Overseas Finding for $43,774,907 of a synthetic antibiotic Research & Development (R&D) applicable expenditure by AusIndustry, a division of the Australian Government’s Department of Industry, Innovation and Science.
“We would like to express our gratitude to AusIndustry and the Department of Industry, Innovation, and Science for their ongoing crucial support in advancing science and its practical applications, particularly in the development of innovative therapies with a global impact,” said James Graham, Chief Executive Officer of Recce Pharmaceuticals. “This development is a further endorsement of the Company’s growth potential and secures our caveat-free R&D funding long-term.”
The Finding is one of the largest awarded in Australian history as a pillar of the R&D Tax Incentive Program administered by the Australian government. This Finding does not constitute a grant or an upfront payment of the amount awarded. It is a binding, underwritten guarantee provided by the Australian Government, which affirms Recce’s R&D activities are of national interest and extends the 43.5% R&D rebate from locally to cover those undertaken by the Company anywhere in the world.
The Australian Government extends the R&D cash rebate to the Company, capturing its local and overseas R&D activities for three years (July 1, 2022 – June 30, 2025). With Recce’s anti-infective program predominantly focused on synthetic antibiotic development, the Finding award will support its cash position, in addition to the recent $11,000,000 capital raise, and is received by the Company as caveat-free, non-dilutive cash when claimed or drawn proportionately against through R&D funding facilities.
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.
Corporate Contact
James Graham
Recce Pharmaceuticals Ltd
+61 (02) 9256 2571
Media & Investor Relations (AU)
Andrew Geddes
CityPR
+61 (02) 9267 4511
Media (USA)
Jordyn Temperato
LifeSci Communications
Investor Relations (USA & EU)
Guillame van Renterghem
LifeSci Advisors
