AusIndustry Awards Recce Support for AU$5.6 Million of Technically Advanced Overseas Drug Development

Recce Pharmaceuticals Ltd, developing a new class of synthetic antibiotics, have announced that it has been awarded an Advanced Finding upon AU$5.6 million of overseas drug development from AusIndustry, a division of the Australian Government’s Department of Industry, Innovation and Science.

The substantial 43.5% rebate applicable to Australian Research and Development, is now awarded to Recce to include its overseas advanced drug development for the financial year ending June 2017 and through the following two financial years to mid-2019.

The funds include and cover some expenditure already undertaken and apply to all antibiotics under development according to: pilot plant and development testing; toxicology studies; efficacy studies; pharmacology studies; analytical methods.

The reassurance of the Australian Government’s commitment to reimburse Recce for its local and now international drug development activities, works to reinforce the Company’s focus on the United States as a major component of the world pharmaceutical market. The reimbursement of developmental funds will greatly support Recce’s present FDA activities and anticipated human clinical trials.

Dr Graham Melrose, Recce’s Executive Chairman, said: “The Australian life sciences sector is booming. With companies listed on the ASX combined market capitalisation of more than AU$80 billion, it continues to be a significant economic driver for our country. We thank the Australian Government for awards such as this, which encourage innovation and development within the sector.”