- Synthetic anti-infective developer Recce Pharmaceuticals is awarded the largest R&D Tax rebate in Australian history from the Australian Government
- The rebate is worth A$11.17 million
- The funding is facilitated by AusIndustry and notably, the total funding across the infectious disease portfolio in Australia amounts to A$54.9 million
- RCE shares are trading at 50 cents at 10:39 am AEDT
Synthetic anti-infective developer Recce Pharmaceuticals (RCE) has been awarded the largest R&D Tax rebate in Australian history from the Australian Government.
The rebate is worth A$11,172,377 and is for Advanced Overseas Finding for Recce’s Synthetic Anti-Viral R&D applicable expenditure.
The funding is facilitated by AusIndustry, a division of the Australian Government’s Department of Industry, Innovation, and Science. Notably, the total funding across the infectious disease portfolio amounts to an impressive AU$54,947,284.
Global considerations
What sets this finding apart is its extension of the 43.5 per cent R&D rebate, traditionally applicable locally, to cover the company’s R&D activities worldwide.
This extension is valid for a substantial three-year period, spanning from July 1, 2022, to June 30, 2025.
“We thank the Australian Government’s recognition of the importance of Recce’s anti-infective programs, as a leader in the fight against the global health threat of anti-microbial resistant superbugs,” RCE CEO James Graham said
While this Advanced Overseas Finding is substantial, it does not constitute an upfront grant or payment.
Instead, it ensures that Recce Pharmaceuticals will receive R&D rebates in a non-dilutive cash form, proportionately through R&D funding facilities, when claimed or drawn.
RCE shares were trading at 50 cents at 10:39 am AEDT.