Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) has received an advance payment from Radium Capital for A$973,144 of Recce’s future Research and Development (R&D) tax incentive.
This advance payment from Radium represents an accountant-verified proportion of its December-February FY23 R&D applicable expenditure.
The non-dilutive funds come in addition to the recently reported A$1.9 million, seeing more than A$2.8 million of future R&D credit-backed funds received and redeployed this financial year to date.
Achieve clinical milestones
Recce CEO James Graham said: “We are thrilled to receive this advance of A$973,144 that will provide valuable support in achieving Recce’s near-term clinical milestones.”
The Australian Government’s 43.5% R&D tax incentive rebate is typically reserved for Australian-based R&D only however, also can capture 43.5% of R&D applicable activities overseas as well.
About Recce
Recce Pharmaceuticals 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 is 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.