RECCE: R&D Incentive Rebate Received

SYDNEY Australia, 28 March 2022: Recce Pharmaceuticals Ltd (ASX:RCE, FSE:R9Q) (the Company), the Company developing a new class of Synthetic Anti-infectives, is pleased to announce cash receipt of A$3,084,955.19 Research and Development Tax Incentive rebate from the Australian Tax Office for the year ending 30 June 2021.

 

The Australian Government’s 43.5% Research & Development 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 (26 November & 8 December 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.

 

Recce Pharmaceuticals Chief Executive Officer, James Graham said, “We appreciate the continued support and acknowledgement by the Australian Government for the critical work undertaken in our Infectious Disease programs. This non-dilutionary cash injection yet furthers our strong financial position to deliver on a series of short and long-term milestones.”

 

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.