Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) has received A$801,604 as part of a non-dilutive advance from Radium Capital for the company’s Research and Development (R&D) tax incentive.
This advance payment from Radium Capital represents an accountant-verified proportion of its March-May FY23 R&D applicable expenditure.
The non-dilutive funds come in addition to the recently reported A$973,144, seeing A$3,682,787 of future R&D credit-backed funds received and redeployed this financial year to date.
Support clinical progress
Recce CEO James Graham said: “We welcome the latest R&D rebate advance of A$801,604 to support our ongoing clinical progress and achieve our operational goals.”
The Australian Government’s 43.5% Research & Development Tax Incentive rebate is typically reserved for Australian-based R&D only. However, it also can capture 43.5% of R&D applicable activities overseas, as reflected in this rebate.
Recce pipeline
Recce 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.
The company’s anti-infective pipeline includes three patented, broad-spectrum, synthetic polymer anti-infectives, including:
- 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 is an orally administered therapy for bacterial infections; and
- RECCE 529 for viral infections.
Recce’s anti-infective pipeline seeks to exploit the unique capabilities of its technologies targeting synergistic, unmet medical needs.