The Australian Government has further recognised the value of Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF)’s anti-infective development programs, awarding the company an Advanced Overseas Finding for another $11 million for costs associated with its synthetic anti-viral research & development (R&D) programs.
The award, announced on Friday, follows news on Thursday that Recce had been awarded an Advanced Overseas Finding for A$43,774,907 for its synthetic antibiotic R&D applicable expenditure.
This brings the total awarded across the company’s infectious disease portfolio to A$54,947,284.
Recce Pharmaceuticals CEO James Graham said: “We thank the Australian Government’s recognition of the importance of Recce’s anti-infective programs, as a leader in the fight against the global health threat of anti-microbial resistant superbugs.”
Advanced Overseas Findings
This Advanced Finding, awarded by AusIndustry — a division of the Department of Industry, Innovation and Science — is a binding, underwritten guarantee. It ensures the government will provide the company R&D rebates as caveat-free, non-dilutive cash when claimed or drawn proportionately through R&D funding facilities.
It confirms that the company’s R&D activities are of national interest and extends the 43.5% R&D rebate from locally, to cover those undertaken by the company anywhere in the world for a period of three years (July 1, 2022, to June 30, 2025).