Recce Pharmaceuticals (ASX:RCE) has received a $6.75 million Research and Development (R&D) Tax Incentive rebate from the Australian Taxation Office for FY24.
This receipt was used to repay advances from Endpoints Capital reflecting R&D rebate credits for FY24.
The Company is developing a new class of Synthetic Anti-infectives and the injection of funds reflects R&D activities undertaken locally and overseas.
The Australian Government’s 43.5% Research & Development Tax Incentive rebate is intended to incentivise companies to develop new innovative solutions onshore.
“We are delighted to receive this substantial R&D Tax Incentive rebate, which underscores the Australian Government’s strong support for innovation in life sciences,” Recce CEO James Graham said.
“This funding strengthens our ability to drive forward our R&D initiatives both domestically and internationally, accelerating our mission
to develop cutting-edge anti-infective solutions.
“By leveraging this rebate, we continue to push the boundaries of synthetic anti-infective development, positioning Recce to deliver
meaningful advancements in infection treatment on a global scale.”
Recce last traded at 49.5cps.