Recce Pharmaceuticals Announces A$5.0 million Placement & Launches A$10.8 million Entitlement Offer to Shareholders
Summary
A$10.8 million Entitlement Offer at the same offer price as the placement Funds to support Phase III Topical clinical trials in Indonesia and Australia catalysts for revenue in 2026 Directors intend to take up entitlements in part or in full in the Entitlement OfferSYDNEY, April 10, 2025 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) (the Company or Recce), a leading developer of a new class of synthetic anti-infectives, today announced a capital raising of up to approximately A$15.8 million (before costs) (Capital Raising) consisting of: Placement to an Australian-based private investor to raise A$5.0 million via the issue of approximately 17.9 million new fully paid ordinary shares in Recce (New Shares) at A$0.28 per New Share (Offer Price) (Placement); and a pro-rata non-renounceable entitlement offer of one (1) New Share for every six (6) existing fully paid ordinary shares in the Company (Shares) held by eligible shareholders at the Offer Price to raise up to a further A$10.8 million (Entitlement Offer).We are delighted to receive further support from an existing Australian-based shareholder and are pleased to launch an entitlement offer to all shareholders to acquire new shares at the same price as the placement, said James Graham, Chief Executive Officer of Recce Pharmaceuticals. Recce will look at alternative funding solutions to ensure the full quantum of capital is raised where required.Full funding will be used as follows: Phase III DFI Registrational Topical Clinical Trial in Indonesia the catalyst for revenue in 2026; Commencement of Phase III Acute Bacterial Skin and Skin Structure Infections (ABSSSI) Registrational Topical Clinical Trial in Australia; and Additional clinical activities, Investigational New Drug Application to the FDA, and working capital.Recce will have a strong pro-forma cash position post Capital Raising of A$17.7 million. The Company reserves the right to vary the above dates and times, subject to the ASX Listing Rules and the Corporations Act.About Recce Pharmaceuticals LtdRecce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) is developing a New Class of Synthetic Anti-Infectives designed to address the urgent global health problems of antibiotic-resistant superbugs.Recces anti-infective pipeline includes three patented, broad-spectrum, synthetic polymer anti-infectives: RECCE\xae 327 (R327) as an intravenous and topical therapy that is being developed for the treatment of serious and potentially life-threatening infections due to Gram-positive and Gram-negative bacteria, including their superbug forms; RECCE\xae 435 (R435) as an orally administered therapy for bacterial infections; and RECCE\xae 529 (R529) for viral infections. Through their multi-layered mechanisms of action, Recces anti-infectives have the potential to overcome the processes utilised by bacteria and viruses to overcome resistance a current challenge facing existing antibiotics.The World Health Organization (WHO) added R327, R435, and R529 to its list of antibacterial products in clinical development for priority pathogens, recognising Recces efforts to combat antimicrobial resistance. R327 is also included on The Pew Charitable Trusts Global New Antibiotics in Development Pipeline as the sole synthetic polymer and sepsis drug candidate in development.Recce wholly owns its automated manufacturing, supporting current clinical trials.