Recce Pharmaceuticals (ASX:RCE) has raised $1.8 million via a placement from sophisticated and institutional investors.
The funds were raised to fortify the balance sheet and provide support for its new class of broad spectrum antibiotic.
The antibiotic is in its preclinical pipeline and Recce are working towards approval to start human clinical trials.
12,857,143 fully paid ordinary shares are being issued at $0.14 per share and the company anticipates the placement shares and fee options will be issued on or around 15 February 2019.
Shares in Recce Pharmaceuticals (ASX:RCE) are trading 11.76 per cent lower to $0.15.