Further R&D Rebate Approved
SYDNEY Australia, 18 June 2024: Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) (the Company), the Company developing a new class of Synthetic Anti-infectives, is pleased to announce a further cash refund of AUD $2,624,860.47 Research and Development (R) Tax Incentive rebate from the Australian Tax Office for the financial year ending 30 June 2023.
The AUD $2,624,860.47 reflects R activities specifically undertaken overseas and are provided to the Company in cash, without caveat. The AUD $2.3 million Australian portion was received late in 2023 and brings FY23 R rebates to completion.
The Australian Government’s 43.5% Research Development Tax Incentive rebate, backs Australian Innovation, providing expanded benefit to the Company by allowing it to capture 43.5% of the Company’s R applicable activities, undertaken anywhere in the world.
Recce Pharmaceuticals' CEO, James Graham, expressed gratitude for the ongoing support and recognition from the Australian Government regarding their vital work in Infectious Disease programs. He noted, "This non-dilutive funding greatly supports our cashflow requirements not only locally in Australia but extended to our activities anywhere overseas and thank the Australian Government for their on-going support.”
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 (R327) 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 (R435) as an orally administered therapy for bacterial infections; and RECCE® 529 (R529) for viral infections. Through their multi-layered mechanisms of action, Recce’s anti-infectives have the potential to overcome the processes utilised by bacteria and viruses to overcome resistance – a current challenge facing existing antibiotics.
The World Health Organization (WHO) added R327, R435, and R529 to its list of antibacterial products in clinical development for priority pathogens, recognising Recce’s efforts to combat antimicrobial resistance. The FDA granted R327 Qualified Infectious Disease Product designation under the Generating Antibiotic Initiatives Now (GAIN) Act, providing Fast Track Designation and 10 years of market exclusivity post approval. R327 is also included on The Pew Charitable Trusts’ Global New Antibiotics in Development Pipeline as the sole synthetic polymer and sepsis drug candidate in development.
Recce wholly owns its automated manufacturing, supporting current clinical trials. Recce’s anti-infective pipeline aims to address synergistic, unmet medical needs by leveraging its unique technologies.
