Recce Pharmaceuticals Awarded AusIndustry Advanced Overseas Finding for Synthetic Anti-Infective Research & Development Program
SYDNEY, Australia, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q), the Company developing a new class of synthetic anti-infectives, today announced it was awarded an Advanced Overseas Finding for $43,774,907 of a synthetic antibiotic Research & Development (R&D) applicable expenditure by AusIndustry, a division of the Australian Government’s Department of Industry, Innovation and Science.
- SYDNEY, Australia, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q), the Company developing a new class of synthetic anti-infectives, today announced it was awarded an Advanced Overseas Finding for $43,774,907 of a synthetic antibiotic Research & Development (R&D) applicable expenditure by AusIndustry, a division of the Australian Government’s Department of Industry, Innovation and Science.
- “This development is a further endorsement of the Company’s growth potential and secures our caveat-free R&D funding long-term.”
The Finding is one of the largest awarded in Australian history as a pillar of the R&D Tax Incentive Program administered by the Australian government. - This Finding does not constitute a grant or an upfront payment of the amount awarded.
- The Australian Government extends the R&D cash rebate to the Company, capturing its local and overseas R&D activities for three years (July 1, 2022 – June 30, 2025).