Shaw and Partners has been appointed as Lead Manager to an equity capital raising by Recce Pharmaceuticals Limited (RCE).

RCE is undertaking a placement of approx. 15.5 million new securities to raise a minimum of $4 million. The company is reserving the right to accept oversubscriptions.

The offer price of $0.26 per security represents a 17.5% discount to last close of $0.315 as at 7 October 2019 and a 20.0% discount to a 15 day VWAP of $0.325 as at 7 October 2019.

The offer is available to Australian resident Sophisticated and Professional Investor clients only.

For more information please contact your Shaw and Partners Adviser.

About Recce Pharmaceuticals

Recce Pharmaceuticals Ltd is pioneering the development and commercialisation of a new class of synthetic antibiotics with broad spectrum activity designed to address the urgent global health problem of antibiotic resistant superbugs. Wholly owned RECCE® antibiotics are unique; potency does not diminish even with repeated use, the common failure associated with existing antibiotics and their resulting emergence of resistant superbugs. Patented lead candidate RECCE® 327 has been developed for the treatment of blood infections and bacterial sepsis, affecting over 30 million people worldwide a year, growing at 8-13% per annum.

There are currently no drug therapies specifically for the treatment of severe sepsis and by far the most expensive condition treated in US hospitals. 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. Recce wholly owns its automated manufacturing, ready to support first-in-human clinical trials. Recce’s anti-infective pipeline seeks to exploit the unique capabilities of RECCE® technologies targeting synergistic, unmet medical needs.