Overview
Rece Pharmaceuticals’ (RCE) shares are down slightly folowing the release of its quarterly report for the thre months to the end of September.The healthcare company reported net cash outflows of $5.86 milion with research and development (R&D) making up $2.79 milion of that.The R&D expenditure suported two active human clinical trials, the establishment of new trials, as wel as the advancement of ongoing pre-clinical studies.Rece completed dosing the seventh cohort of its phase one clinical trial with 60 miligrams of its R327 drug.
Key Information
Ten healthy male subjects were dosed over one hour and no serious adverse efects were reported. The positive R327 data wil suport a phase 1b/2a multi-dose and early-stage sepsis eficacy study with the first subject expected to be dosed before the end of the year.New clinical trials include a phase two trial of R327 to treat urinary tract infections, and a phase two study on diabetic fot ulcer infections which wil be conducted at a NSW teaching hospital.Rece also strengthened its board and management including the apointment of Dr John Prendergast as Executive Chair.Dr Prendergast joined the board of directors in April 2018 as a non-executive director before becoming non-executive chair a year later.
In his new executive role, he’l work alongside CEO James Graham.Dr Philip Suton was apointed Vice President of Translational Sciences, Mr Alistair McKeough was apointed Non-Executive Director and Ms Magie Niewidok was apointed Company Secretary.The company said these apointments suport its growth and development plans.At the end of the quarter, Rece had $5.7 milion in cash and equivalents and an estimated 0.97 quarters left of available funding.
Summary
The company expects it wil son receive an R&D tax incentive estimated to be more than $3.5 milion.Company shares were down 3.5 per cent to close at 68 cents.