DJ Carmichael has acted as Lead Manager to RCE’s placement to raise $1.8 million
Recce Pharmaceuticals Ltd (ASX: RCE) (Recce or the Company), is pleased to announce that it has raised approximately A$1.8m (before costs) from sophisticated and institutional investors that will result in 12,857,143 fully paid ordinary shares being issued at A$0.14 per share (Placement).
DJ Carmichael has acted as Lead Manager to the placement.
The funds raised will be used to strengthen the Recce balance sheet as the Company advances its New Class of Broad Spectrum Antibiotic towards approval to start human clinical trials; having received Qualified Infectious Disease Product designation from the US Food and Drug Administration under the Generating Antibiotics Initiative Now (GAIN) Act. In addition, the funds will be used to further pre‐clinical programs, for general working capital and repayment of $200,000 loaned by the Directors.
Recce Pharmaceuticals Ltd has provided a short video to show the intended use and benefits of the Company’s product:
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