Recce Pharmaceuticals (ASX:RCE), a developer of a new class of synthetic anti-infectives, has received an Advanced Overseas Finding from the Australian Department of Industry, Science and Resources, confirming eligibility for up to $85 million in research & development expenditure.
The ruling extends the 43.5% R&D tax incentive rebate to Recce's overseas activities for a three-year period, including its Phase 3 clinical trial for diabetic foot infection in Indonesia, as well as other international R&D programs across the company’s infectious disease portfolio. The finding does not constitute a grant or an upfront payment.
Recce CEO James Graham said, "This represents one of the largest Advanced Overseas Findings in Australian history, confirming eligibility for up to $85 million in R&D expenditure under the Australian Government’s R&D Tax Incentive. This binding decision supports our global anti-infective programs, extending the 43.5% rebate to activities conducted worldwide."
At the time of reporting, Recce Pharmaceuticals' share price was $0.62.