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![Recce Pharmaceuticals Ltd.](tl_files/logos/AU000000RCE5.gif)
Highlights:
- Share Purchase Plan receives A$4.4 million of valid applications
- Total funds raised of A$12.4 million, in conjunction with recently completed A$8.0 million institutional placement
- Proceeds will be used to advance clinical trials for intravenous use of R327, topical applications of R327G, including Phase III clinical activities in Indonesia, and IND-enabling activities
- Pro forma cash position of A$19.8 million
5 August 2024 – Sydney, Australia: Recce Pharmaceuticals Limited (ASX:RCE, FSE:R9Q) (Recce or the Company), a leading developer of a new class of Synthetic Anti-Infectives, is pleased to announce the successful close of its Share Purchase Plan (SPP) announced on 2 July 2024.
The SPP generated significant support from Recce’s existing shareholders and applications received exceeded the initial SPP target of A$2.0 million, with Recce receiving total applications for fully paid ordinary shares (Shares) of approximately A$4.4 million. In accordance with the terms of the SPP, the Board has exercised its discretion and determined to accept all valid applications in full to raise a total of A$4.4 million under the SPP.
Approximately 9.9 million new Shares will be issued at a price of A$0.45 per Share, being the same issue price as the Placement, and will rank equally with existing Recce fully paid ordinary shares quoted on the ASX from their date of issue.
Shares under the SPP are expected to be issued on Tuesday, 6 August 2024 with quotation of the Shares expected to commence on Wednesday, 7 August 2024.
The successful completion of the SPP, in conjunction with the recently completed A$8.0 million institutional placement (Placement, together with the SPP, the Offer) takes the total funds raised under the Offer to A$12.4 million (before costs). When included with the Company’s current 30 June 2024 cash balance of $4.4 million and approximate A$3.0 million grant from the US Department of Defence, Recce is well funded with a pro-forma cash balance of approximately A$19.8 million.
Funds raised from the Offer will be used to advance clinical trials for intravenous use of R327, topical applications of R327G, including Phase III clinical activities in Indonesia, IND-enabling activities, working capital and offer costs.
The Board wishes to thank all new and existing shareholders who participated in the Offer.
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.
https://investorhub.recce.com.au
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