Recce Pharmaceuticals Ltd.: Bonus Canadian Scientific Research & Experimental Development Rebate Received
(firmenpresse) - SYDNEY Australia, 5 July, 2021: Recce Pharmaceuticals Ltd (ASX: RCE FSE: R9Q), the Company developing New Classes of Synthetic Anti-Infectives, is pleased to announce its first international cash receipt of A$176,870 from the Canadian Government as part of its Scientific Research & Experimental Development (SR&ED) Tax Incentive program.
The Canadian governments 10% Research and Development (R&D) rebate is in addition to the Australian governments 43.5% R&D Tax Incentive Program. The Company will further claim 43.5% of the total R&D in Canada, and around the world, during Australias Financial year.
The Australian governments 43.5% R&D tax incentive scheme (otherwise legislatively reserved for domestic R&D only) granted the Company a geographical extension (globally) with financial rebate guarantee to AU$26,787,500, via the award of two Advanced Overseas Findings to the Company in support of its Synthetic Anti-infective Development, over a period of three years (1 July 2019 to 30 June 2022).
The Advanced Overseas Finding is a pillar of the R&D Tax Incentive Program administered by the Australian Government. The SR&ED program is administered by the Canada Revenue Agency and is aimed at incentivising businesses to conduct R&D in Canada; encouraging innovation and technological advancements.
The filing of Australian rebate is being prepared and is expected to be submitted soon. The Company expects the R&D rebate figures to grow in-line with expanding activities, and thanks the Canadian government for the addition of their support.
This announcement has been approved for release by Recce Pharmaceuticals CEO.
About Recce Pharmaceuticals Ltd
Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) is pioneering the development and commercialisation of New Classes of Synthetic Anti-Infectives designed to address the urgent global health problems of antibiotic resistant superbugs and emerging viral pathogens.
Recces anti-infective pipeline is unique and comprised of broad-spectrum synthetic polymer antibiotics RECCE® 327, RECCE® 435, and RECCE® 529 for viral infections with unique mechanisms of action against hyper-mutation on bacteria and viruses, respectively.
Patented lead candidate RECCE® 327 has been developed for the treatment of blood infections and sepsis derived from E. coli and S. aureus bacteria - including their superbug forms. Recces new antibiotic compound, RECCE® 435, has been formulated for oral use.
The FDA has awarded RECCE® 327 Qualified Infectious Disease Product designation under the Generating Antibiotic Initiatives Now (GAIN) Act - labelling it for Fast Track Designation, plus 10 years of market exclusivity post approval. Further to this designation, RECCE® 327 has been included on The Pew Charitable Trusts Global New Antibiotics in Development Pipeline as the only synthetic polymer and sepsis drug candidate in development.
Recce wholly owns its automated manufacturing, ready to support first-in-human clinical trials. Recces anti-infective pipeline seeks to exploit the unique capabilities of RECCE® technologies targeting synergistic, unmet medical needs.
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Datum: 05.07.2021 - 06:18 Uhr
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