Recce Pharmaceuticals Ltd (ASX:RCE) has been awarded over $17 million of Synthetic Antibiotic Research & Development applicable expenditure by AusIndustry.
The Advanced Overseas Finding is a pillar of the R&D Tax Incentive Program administered by the Australian Government.
The Australian Government has further agreed to extend the R&D cash rebate to include the Company’s overseas R&D activites, for a period of three years (1 July 2019 to 30 June 2022).
With Recce’s anti-infective program predominantly focused on Synthetic Antibiotic Development, the Advanced Overseas Finding award will significantly extend the Company’s cash-runway on top of their recent $27.95 million capital raise, through non-diluative government funding.
Shares in Recce Pharmaceuticals Ltd (ASX:RCE) are trading flat at $1.13.