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Recce raises A$6.8M to fund development of lead antibiotic candidate

Recce Pharmaceuticals Ltd completed raising about A$6.76 million in a share placement to help advance its lead antibiotic candidate.

The Sydney-based biotechnology company will issue 26,032,478 fully paid ordinary shares at 26 Australian cents apiece under the placement.

Recce plans to use net proceeds to advance its lead antibiotic candidate RECCE 327 for the treatment of blood infections and sepsis. The company said it is now fully funded for late-stage pre-clinical studies and early-stage human clinical study to evaluate safety and dosing of the drug.

Proceeds will also be used for regulatory submissions and general corporate purposes.

The placement was conducted by Shaw & Partners Ltd.