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- Recce Pharmaceuticals announces the receipt of an AUD$11,178,965 R&D Advance from Endpoints Capital
- Agreement allows Endpoints, a SEC-registered investment advisor, to capture Recce’s Research and Development (R&D) tax incentive for FY23, FY24, and FY25
- RCE last traded at 46c, at 10:50am AEDT
Recce Pharmaceuticals (ASX:RCE) has announced the receipt of an AUD$11,178,965 R&D Advance from Endpoints Capital.
This agreement will allow Endpoints, a SEC-registered investment advisor, to capture Recce’s Research and Development (R&D) tax incentive for FY23, FY24, and FY25.
“Securing this advanced funding from Endpoints is a testament to the strength of Recce’s scientific platform and the potential of our pipeline,” Recce Pharmaceuticals CEO James Graham said.
“This non-dilutive funding not only extends our financial runway but facilitates the acceleration of our multiple clinical programs.
“We thank Endpoints for having confidence in our vision and look forward to leveraging this partnership to drive meaningful progress in the fight against antimicrobial resistance.”
RCE also received a recent receipt from the Australian Government for an Advanced Overseas funding decision worth AUD$54.9 million – the largest award in Australian history.
The combined funds will extend the 43.5% R&D rebate globally, covering activities undertaken by the company worldwide from July 1, 2022, to June 30, 2025.
The agreement also specified a market-leading 15% per annum interest rate, payable through offset against R&D refunds and secured solely against accrued R&D credits.
Any surplus beyond R&D rebates, including those imminent in FY23, remains with Recce Pharmaceuticals.
RCE last traded at 46c, at 10:50am AEDT.
