Ann: Recce Awarded AusIndustry Advanced Overseas (R&D) Finding, page-4

Actually, I just received an email from the company:

Recce Awarded AusIndustry Advanced Overseas (R&D) Finding for Synthetic Antibiotic Development Program Sydney Australia, 26 November 2020: Recce Pharmaceuticals Ltd (ASX: RCE), the Company developing New Classes of Synthetic Anti-Infectives, is pleased to announce the award of an Advanced Overseas Finding for AU$17,150,000 of Synthetic Antibiotic Research & Development (R&D) applicable expenditure by AusIndustry (a division of the Australian Government’s Department of Industry, Innovation and Science).The Advanced Overseas Finding is a pillar of the R&D Tax Incentive Program administered by the Australian Government. This Finding will support the Company’s Synthetic Antibiotic Development program with a 43.5% cash rebate on $17,150,000 of R&D applicable expenditure. Uniquely reserved for local R&D only, the Australian Government has further agreed to extend the R&D cash rebate to include the Company’s overseas R&D activites, for a period of three years (1 July 2019 to 30 June 2022).With Recce’s anti-infective program predominantly focused on Synthetic Antibiotic Development, the Advanced Overseas Finding award will significantly extend the Company’s cash-runway on top of their recent $27.95m capital raise, through non-diluative government funding. Non-Executive Chairman Dr. John Prendergast, said: “We thank AusIndustry and the Department of Industry, Innovation and Science for continuing to play an important role in supporting science and its application to create novel therapies impacting the world. We’re thrilled to have their financial support as the potential of our synthetic antibiotics take an increasingly international role to combat the global threat superbugs pose to public health.”