Recce Pharmaceuticals Raises A$8 Million via Placement and SPP
Key points
- Recce Pharmaceuticals raises A$4 million via institutional placement
- Share Purchase Plan to raise an additional A$4 million
- Funds to support commercial licensing, clinical trials, and R&D activities
- Offer price at A$0.40 per share, a discount to recent market prices
Full summary
Recce Pharmaceuticals Ltd (ASX:RCE) has successfully raised A$4 million via an institutional placement at A$0.40 per share. The Company is also launching a Share Purchase Plan (SPP) to raise an additional A$4 million on the same terms. The funds will be used to strengthen the balance sheet for commercial licensing, fund clinical trials, support Investigational New Drug activities, and provide general working capital. The placement was well-supported by new and existing institutional, sophisticated, and professional investors. Eligible shareholders will have the opportunity to participate in the SPP, which will offer attaching options and piggyback options. The Company expects to have approximately A$29.5 million in liquidity post the offer.
Guidance
Recce Pharmaceuticals expects to have approximately A$29.5 million in liquidity post the offer.
Outlook
Recce Pharmaceuticals looks forward to providing updates on progress towards commercialization of R327G and other key milestones.
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