Recce Pharmaceuticals Receives Entrepreneurs’ Programme Innovation Connections Grant

• Recce awarded grant of A$37,508 plus GST by the Australian Government Department of Industry, Science, Energy and Resources as part of the Entrepreneurs’ Programme.
• The grant will be directed towards project costs associated with assessing RECCE® 327 in the SARS-CoV-2 Antiviral Screening Program and is subject to performance based milestones.
• The Company will receive a follow up grant of a maximum of $50,000 upon successful completion of milestones.

SYDNEY, Australia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE) (Company), the Company developing new classes of synthetic anti-infectives, today announced it has received an Innovation Connections grant of A$37,508 plus Goods and Services Tax (GST), under the Australian Government’s Entreprenuers’ Programme.

RECCE® 327 was recently accepted into the SARS-CoV-2 Antiviral Screening Program, a fee- for-service research program being conducted at the Doherty Institute (a joint venture partnership between the University of Melbourne and The Royal Melbourne Hospital) and CSIRO’s Australian Centre for Disease Preparedness (ACDP).

Innovation Connections, assists businesses in establishing research priorities, locating researchers, and providing access to funding to enable R&D projects.

All intellectual property rights are retained by the Company, with the full program expected to take some months and updates to be made available on material developments as the program advances.

Non-Executive Chairman Dr. John Prendergast said, “We are very pleased to receive this funding from the Australian Government Entrepreneurs’ Programme to study the efficacy of RECCE® 327 against SARS-CoV-2. The funds will go towards testing of our lead compound and enable us to advance a new class of anti-infectives with a unique mechanism of action against hyper-mutation to address the growing threat posed by resistant superbugs and viruses.”

This announcement has been approved for release by Recce Pharmaceuticals Board

About Recce Pharmaceuticals Ltd

Recce Pharmaceuticals Ltd (ASX: RCE) is pioneering the development and commercialization of New Classes of Synthetic Anti-Infectives designed to address the urgent global health problems of antibiotic resistant superbugs and emerging viral pathogens.

Recce antibiotics are unique – their potency does not diminish even with repeated use, a common failure associated with existing antibiotics and their propensity to rapidly succumb to resistant superbugs.

Patented lead candidate RECCE® 327, wholly owned and manufactured in Australia, has been developed for the treatment of blood infections and sepsis derived from E. coli and S. aureus bacteria – including their superbug forms.

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.

Recce wholly owns its automated manufacturing, ready to support first-in-human clinical trials. Recce’s anti-infective pipeline seeks to exploit the unique capabilities of RECCE® technologies targeting synergistic, unmet medical needs.