Join our daily newsletter At The Bell to receive exclusive market insights
- Recce Pharmaceuticals (RCE) has completed its capital raise and successfully raised $27.95 million
- All up, 21.5 million fully paid ordinary shares will now be issued to institutional, professional and sophisticated investors at $1.30 each
- Due to the strong support received from investors, Executive Chairman Dr Graham Melrose has agreed to sell more than 1.57 million shares for $2.05 million
- Recce will use the money to advance its antibiotics, complete phase one human clinical trials, and fund anticipated phase one and two topical studies
- Shares are expected to be issued on or around September 30
- Recce is down 3.67 per cent on the market and shares are trading for $1.58 each
Recce Pharmaceuticals (RCE) has completed its capital raise and successfully raised $27.95 million.
The antibiotic maker entered a trading halt on September 21 but did not disclose how much it would be raising.
All up, 21.5 million fully paid ordinary shares will now be issued to institutional, professional and sophisticated investors at $1.30 each.
This price represents a 20.5 per cent discount to the $1.64 closing price of RCE shares on September 18, and a 16 per cent discount to the 20-day volume-weighted average price of $1.55.
Due to the strong support received from investors, Executive Chairman Dr Graham Melrose has agreed to sell 1,576,923 shares for $2.05 million.
Recce will use the money to advance its RECCE 327, RECCE 435 and RECCE 529 antibiotics, complete phase I human clinical trials, and fund anticipated phase I and II topical studies.
“We greatly appreciate the support shown by both our existing investors and new institutional investors. Their financial support comes at a transformative time for Recce as we prepare to advance human clinical trials,” CEO James Graham said.
Shares are expected to be issued on or around September 30.
Recce is down 3.67 per cent on the market and shares are trading for $1.58 each at 1:04 pm AEST.
