Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF), which is developing a new class of synthetic anti-infectives, has received more than A$6.75 million in a Research and Development (R&D) Tax Incentive rebate from the Australian Taxation Office.
Recce Pharmaceuticals CEO James Graham said, "We are delighted to receive this substantial R&D Tax Incentive rebate, which underscores the Australian Government's strong support for innovation in life sciences.
“This funding strengthens our ability to drive forward our R&D initiatives both domestically and internationally, accelerating our mission to develop cutting-edge anti-infective solutions.
“By leveraging this rebate, we continue to push the boundaries of synthetic anti-infective development, positioning Recce to deliver meaningful advancements in infection treatment on a global scale."
Rebate backs Australian Innovation
The A$6,751,176.12 cash rebate, for the financial year ending June 30, 2024, reflects R&D activities undertaken locally and overseas.
This receipt was used to repay advances from Endpoints Capital reflecting R&D rebate credits for FY24. The advances that Endpoints provide as part of their services, enable Recce to leverage its R&D benefits of the past, present and future R&D applicable expenditure.
The Australian Government’s 43.5% R&D Tax Incentive rebate backs Australian Innovation, providing expanded benefit to the company by allowing it to capture 43.5% of its applicable R&D activities, undertaken anywhere in the world.
Ethics approval for Phase 3 clinical trial
Earlier this week Recce ethics approval for a Phase 3 Clinical Trial of RECCE® 327 in Indonesia.
Receipt of the Human Research Ethics Committee approval means RCE can begin dosing in Indonesia for a Registrational Phase 3 clinical trial for its RECCE® 327 (R327G) topical gel, designed to treat diabetic foot infections (DFIs).
Read more: Recce Pharmaceuticals gains ethics approval for Phase 3 clinical trial in Indonesia