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Recce Pharmaceuticals a leading ASX gainer after receiving additional R&D tax incentive rebate

Overseas Advanced Drug Development expenditure for RECCE® 327 results in extra payment of $861,590.

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Recce is developing a new class of synthetic antibiotics to address global resistance

Recce Pharmaceuticals Ltd (ASX:RCE) is a leading ASX gainer after receiving a further $861,590 R&D Tax Incentive Rebate from the Australian Government for its overseas Advanced Drug Development expenditure.

The additional payment for Recce’s synthetic antibiotic development program brings the total government rebate for the 2017 financial year to $1,288,516.

It supports the company’s important work to help address the global health issue of antibiotic resistance.

Shares increase 38%

Shares are up 38% intra-day to 20 cents.

Executive chairman Dr Graham Melrose said: “We are very appreciative of the support and

acknowledgement of our work by the Australian Government.

“This comes as we seek to address the very urgent challenge posed by the increasing incidence of antibiotic resistance in Australia and globally.

“Recce remains on track to progress its lead antibiotic candidate, RECCE® 327, into human clinical trials.”

Awarded ‘Advanced Finding’

The increase in non-dilutionary financial support follows the awarding of an Advanced Finding by Innovation and Science Australia under the Industry Research and Development Act 1986

This is designed to provide companies with certainty that planned activities are eligible under the R&D Tax incentive program.

43.5% of international expenditure recouped

The program allows Recce to recoup 43.5% of its international R&D expenditure for the 2017, 2018 and 2019 financial years, above and beyond what is also available locally.

Recce is pioneering the development and commercialisation of a new class of synthetic antibiotics with broad spectrum activity designed to address the problem of antibiotic resistant superbugs.

Its patented lead candidate RECCE® 327 has been developed for the treatment of blood infections and sepsis derived from E. coli and S. aureus bacteria – including their superbug forms.

Pre-clinical testing in laboratories and animal models, in Australia and overseas has demonstrated positive results.

Recce has a manufacturing facility in Australia and is developing clinical research partners in the USA.

Quick facts: Recce Pharmaceuticals Ltd

Price: 1.34 AUD

ASX:RCE
Market: ASX
Market Cap: $195.72 m
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