- A$4.4 million of valid applications received for the Share Purchase Plan
- In conjunction with recently completed A$8.0 million institutional placement, total amount raised is A$12.4 million
- 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
SYDNEY, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) (Recce or the Company), a leading developer of a new class of synthetic anti-infectives, today announced the successful close of its Share Purchase Plan (SPP) reported on July 2, 2024.
The SPP generated significant support from Recce’s existing shareholders, and the applications received exceeded the initial SPP target of A$2.0 million. Recce received 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 for A$0.45 per Share, the same issue price as the Placement. They will rank equally with existing Recce fully paid ordinary shares quoted on the ASX from their issue date.
Shares under the SPP are expected to be issued on Tuesday, August 6, 2024, and quotation of the Shares is expected to commence on Wednesday, August 7, 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 June 30, 2024, cash balance of $4.4 million and approximate A$3.0 million grant from the U.S. 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 and 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.
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 (R327) 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 (R435) as an orally administered therapy for bacterial infections; and RECCE® 529 (R529) for viral infections. Through their multi-layered mechanisms of action, Recce’s anti-infectives have the potential to overcome the processes utilised by bacteria and viruses to overcome resistance – a current challenge facing existing antibiotics.
The World Health Organization (WHO) added R327, R435, and R529 to its list of antibacterial products in clinical development for priority pathogens, recognising Recce’s efforts to combat antimicrobial resistance. The FDA granted R327 Qualified Infectious Disease Product designation under the Generating Antibiotic Initiatives Now (GAIN) Act, providing Fast Track Designation and 10 years of market exclusivity post approval. R327 is also included on The Pew Charitable Trusts’ Global New Antibiotics in Development Pipeline as the sole synthetic polymer and sepsis drug candidate in development.
Recce wholly owns its automated manufacturing, supporting current clinical trials. Recce’s anti-infective pipeline aims to address synergistic, unmet medical needs by leveraging its unique technologies.
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)
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com
Investor Relations (USA & EU)
Guillame van Renterghem
LifeSci Advisors
gvanrenterghem@lifesciadvisors.com
