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Recce Pharmaceuticals Ltd. ( (AU:RCE) ) has issued an announcement.
Recce Pharmaceuticals Ltd has successfully completed a capital raising of A$15.8 million, including a shortfall placement of approximately 26.4 million shares to existing institutional and sophisticated investors, raising A$7.4 million. The funds will support significant Phase 3 clinical trials for topical treatments in Indonesia and Australia, aiming for commercialization and an Investigational New Drug Application to the US FDA. This capital raising marks a crucial step for Recce as it progresses towards establishing a new standard of care in infectious diseases, potentially improving patient outcomes and enhancing the company’s market position.
More about Recce Pharmaceuticals Ltd.
Recce Pharmaceuticals Ltd is a leading developer in the biotechnology industry, focusing on a new class of synthetic anti-infectives. The company is engaged in advancing treatments for infectious diseases, with a market focus on developing innovative solutions for conditions such as Diabetic Foot Infections and Acute Bacterial Skin and Skin Structure Infections.
Average Trading Volume: 217,080
Technical Sentiment Signal: Sell
Current Market Cap: A$94.32M
See more insights into RCE stock on TipRanks’ Stock Analysis page.