Recce Receives AUD $11.17m R&D Advance
Recce Pharmaceuticals receives AUD $11.17m in R&D Advance from Endpoints Capital for FY23/24 & FY25 R&D tax incentives.
The funding is non-dilutive, reflecting R&D rebate credits for FY23/24 and anticipated R&D expenditure for FY25.
Recce also received an Advanced Overseas finding from the Australian Government worth AUD $54.9 million, the largest in Australian history, covering R&D activities globally from 1 July 2022 to 30 June 2025.
The agreement with Endpoints includes a 15% per annum interest rate, offset against R&D refunds and secured against accrued R&D credits.
CEO James Graham highlights the funding as a testament to Recce's scientific platform and its potential to accelerate clinical programs.
Endpoints Capital CEO Andrew Stewart expresses support for Recce's work on synthetic anti-infectives against antibiotic-resistant superbugs.
Endpoints Capital specializes in financing solutions for biotech companies leveraging the Australian R&D tax incentive scheme.
Recce Pharmaceuticals is developing a new class of synthetic anti-infectives targeting antibiotic-resistant superbugs and viral pathogens.
Recce's pipeline includes RECCE® 327 for bacterial infections, RECCE® 435 for oral administration, and RECCE® 529 for viral infections.
RECCE® 327 has received Qualified Infectious Disease Product designation from the FDA, indicating Fast Track Designation and 10 years of market exclusivity post-approval.
This announcement is a summary of the company approved ASX announcement on 08/3/2024.