Join our daily newsletter At The Bell to receive exclusive market insights
Recce Pharmaceuticals (ASX:RCE), developing a body of anti-infective drugs for Australian and international markets, posted the results of its latest quarterly on Monday.
The company wound up March with $8.5M in cash; an increase of around 100% QoQ.
Stocks were up nearly 2% to 54cps heading into the second hour of trade.
The company used $4M during the quarter but this was offset by receipt of $11.2M “in non-dilutionary cash as R&D advance.”
R&D of $3.5M was the biggest spending factor the company had to bear YTD. C-Suiters made $700,000 in the period.
Operationally, the company continues to expand its trial for diabetic foot infections, where Recce’s foremost drug of interest, R327, is used as a topical gel in those whose amputation wounds have become infected.
The company also appears to be looking at broad anti-infective treatments wholemeal. When Recce says “anti-infective,” they’re talking about antibiotics.
A parallel trial using R327s as an IV drug in patients with UTIs continues to go well, according to Recce, with experimentations around dosing times ongoing.
Fast infusions, the company reports, are shown to possibly be most beneficial, according to reported early-stage evidence.
The company continues to build up a profile of IP rights in Canada and Asia.
RCE shares last at 54cps.
