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- Recce Pharmaceuticals (RCE) has been has been granted the right to claim a rebate on almost $10 million of research and development (R&D) by AusIndustry
- The award is a big win for Recce as the R&D rebates typically only apply to work done domestically
- The new finding means the company can claim around $11.65 million in rebates for research it’s conducting overseas
- After a recent $27.95 million capital raise, the additional rebate funds will provide the company with a substantial funding runway
- The company is planning a number of trials for its suite of synthetic antiviral compounds to fight antibiotic-resistant superbugs and emerging viral pathogens
- Recce Pharmaceuticals is up 0.83 per cent and trading at $1.22
Recce Pharmaceuticals (RCE) has been has been granted the right to claim a rebate on almost $10 million of research and development (R&D) by AusIndustry.
The Advanced Overseas Finding for $9,637,500 has been granted for Recce’s R&D into synthetic antiviral drugs, with the company to pocket a 43.5 per cent rebate.
Substantial support
Recce’s books are looking a lot healthier after gaining welcome support under the government’s R&D rebate schemes, administered by the Department of Industry, Innovation and Science.
The approvals are a huge win for Recce. Typically, the R&D rebates only apply to domestic programs, but Recce has been awarded the rebates on overseas work too.
The rebates will now apply to $26,787,500 of the company’s R&D spending over the three years to June 30, 2022, providing around $11.65 million cash back.
Recce Non-Executive Chairman Dr. John Prendergast says the Australian government’s incentives will have a global impact.
“We are thrilled to have AusIndustry’s financial support for our Anti-Viral R&D program as it takes an increasingly international role in the fight against the global health threat of emerging viral pathogens,” Dr Prendergast said.
“We thank AusIndustry and the Department of Industry, Innovation and Science for continuing to play an important role in supporting science and its application to create novel anti-viral therapies,” he added.
Outlook
Recce has a number of clinical trials in the works for its suite of synthetic antiviral therapies.
The company’s aim is to address global needs for drugs to fight antibiotic resistant superbugs and emerging viral pathogens.
Recce wholly owns its automated manufacturing facility, which is ready to roll out the necessary products ahead of its upcoming first-in-human trials.
After a recent $27.95 million capital raise, the additional rebate funds will provide the company with a substantial funding runway as it seeks approval to commercialise its products.
Recce Pharmaceuticals is up 0.83 per cent and trading at $1.22 at 12:41 pm AEDT.
