SYDNEY, Australia, March 29, 2022 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX:RCE, FSE:R9Q) (the Company), the Company developing a new class of synthetic anti-infectives, is pleased to announce it has received a Research and Development (R&D) Tax Incentive rebate of A$3,084,955.19 from the Australian Tax Office for the year ending June 30, 2021.
The Australian Government’s 43.5% R&D Tax Incentive rebate backs Australian (domestic) Innovation, providing expanded benefit to the Company by allowing it to capture 43.5% of the Company’s R&D applicable activities undertaken anywhere in the world, as previously announced (November 26 & December 8, 2020).
The A$3,084,955.19, therefore, reflects R&D activities undertaken locally and overseas and are provided to the Company in cash, without caveat.
“We appreciate the continued support and acknowledgment by the Australian Government for the critical work undertaken in our infectious disease programs,” said James Graham, Chief Executive Officer of Recce Pharmaceuticals. “This non-dilutionary cash injection furthers our strong financial position to deliver on a series of short- and long-term milestones.”
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
James.graham@recce.com.au
Media and Investor Relations (AU)
Andrew Geddes
CityPR
+61 (02) 9267 4511
ageddes@citypublicrelations.com.au
Media and Investor Relations (USA)
Jordyn Temperato
LifeSci Communications
jtemperato@lifescicomms.com
