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Sparks commentary - Recce Pharmaceuticals

Healthcare

Sparks - Recce Pharmaceuticals

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Team of Research Scientists Working On Computer, with Medical Equipment, Analyzing Blood and Genetic Material Samples with Special Machines in the Modern Laboratory.
Recce Pharmaceuticals (ASX: RCE) reinforces financial flexibility with A$8m raise
Published by Jyoti Prakash, CFA

Recce has strengthened its near-term funding position through a fully underwritten A$4.0m institutional placement, with a further A$4.0m available through a Share Purchase Plan (SPP), taking the total capital raising to up to A$8.0m. The placement comprises the issue of 10m new shares to institutional investors at A$0.40/share, with the SPP being offered on the same terms. The proceeds will primarily support commercial licensing activities following the recently announced Middle Eastern licensing agreement, while also funding ongoing Phase III diabetic foot infection studies, IND-enabling activities and general working capital. Management expects pro forma cash of A$29.5m (before costs) following the offer, with anticipated R&D rebates and other non-dilutive funding expected to further extend the company’s financial runway and support several key clinical and commercial milestones over the next 12 months.

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