SYDNEY, Australia, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) (the Company or Recce), the Company developing a new class of synthetic anti-infectives, announced today the completion of an entitlement offer to shareholders raising approximately $2.7 million before costs.
The Company has raised approximately $10.7 million before costs through the entitlement offer and placement to institutional, sophisticated, and professional investors completed on September 18, 2023 (Placement).
Under the terms of the entitlement offer, eligible shareholders were invited to apply for one new fully paid ordinary share in the Company (New Share) at an issue price of $0.44 per new share, the same offer price as the placement, for every 26 existing fully paid ordinary shares in the Company (Shares) held at 7:00 p.m. AEST on Thursday, September 14, 2023 (Record Date) to raise approximately $3M before costs and provided shareholders the opportunity to apply for additional new shares above their entitlement offer.
The entitlement offer was announced on Monday, September 11, 2023, and closed at 5:00 p.m. AEST on Wednesday, September 27, 2023, the results of which are as follows:
| Item | Number of Shares | Amount (A$ million) |
| Maximum shares available under the entitlement offer (New Shares) | 6,869,071 | 3.0 |
| Acceptances of entitlements under the entitlement offer | 2,528,695 | 1.1 |
| Additional shares applied for under the entitlement offer | 3,642,353 | 1.6 |
| Total shares to be issued under the entitlement offer | 6,171,048 | 2.7 |
| Shortfall shares | 698,023 | 0.3 |
The new shares issued under the entitlement offer will rank equally in all respects with existing shares issued on September 29, 2023. Accordingly, following the issue of the new shares, the Company’s total issued share capital will be $203,003,742.
James Graham, Chief Executive Officer of Recce Pharmaceuticals, took up his full entitlement, investing a further $102.7K into the Company, with Directors intending to take up approximately $110,000 (~250,000 Shares) of the shortfall subject to shareholder approval being obtained at the Company’s 2023 Annual General Meeting.
The Company has the right to place, at its discretion, any or all of the remaining shortfall to one or more investors by no later than three months after the closing date at the same issue price as the new shares issued under the entitlement offer; however, there is no guarantee that any such placement will occur.
The Company wishes to thank its shareholders who participated in the entitlement offer for their continued support.
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.
Corporate Contact
James Graham
Recce Pharmaceuticals Ltd
+61 (02) 9256 2571
James.graham@recce.com.au
Media & Investor Relations (AU)
Andrew Geddes
CityPR
+61 (02) 9267 4511
ageddes@citypublicrelations.com.au
Media (USA)
Jordyn Temperato
LifeSci Communications
jtemperato@lifescicomms.com
Investor Relations (USA & EU)
Guillame van Renterghem
LifeSci Advisors
gvanrenterghem@lifesciadvisors.com
