- Recce Pharmaceuticals (RCE) receives a grant of $50,000 through the Australian Government’s Innovations Connections scheme
- The grant is the second of its kind received by RCE and will help assess its lead candidate in the Australian SARS-CoV-2 Antiviral Screening Program
- Led by the CSIRO, stage two of the program will study the efficacy of the therapy over several months, with testing set to start in September
- To date, RCE has received roughly $87,500 plus GST through the scheme
- Shares are down by 2.72 per cent to 89.5 cents each at 2:24 pm AEST
Recce Pharmaceuticals (RCE) has received a grant of $50,000 through the Australian Government’s Innovations Connections scheme.
The scheme assists businesses in establishing research priorities and provides access to funding for research and development projects.
Granted under the Entrepreneurs’ Program by the Department of Industry, Science, Energy and Resources, the funds will help assess the company’s lead candidate, R327, in stage two of the Australian SARS-CoV-2 Antiviral Screening Program. SARS-CoV-2 is the virus that causes COVID-19.
The fee-for-service initiative is being led by the Commonwealth Scientific and Industrial Research Organisation (CSIRO), which has already completed stages 1 and 1B.
Based on the results of the study so far, Recce’s intravenous therapy has reportedly been approved for stage two, which will take place at the CSIRO’s Australian Centre for Disease Preparedness (ACDP).
Accordingly, the company has sent samples to the centre ahead of testing, which will be conducted over several months, starting in September.
Recce CEO James Graham said RCE was pleased to receive the additional grant to further study the efficacy of R327 against the virus.
“Like bacteria, COVID viral cells are mutating at an unprecedented rate with a significant and growing global need for potential anti-infective treatments,” he said.
Including the latest cash influx, to date the company has received two grants totalling just over $87,500 plus GST over the course of the scheme.
On Wednesday, Recce Pharmaceuticals shares were trading 2.72 per cent lower at 89.5 cents at 2:24 pm AEST.