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Recce Pharmaceuticals: Completes $27.95M capital raise

September 23, 2020

Recce Pharmaceuticals (RCE) has completed its capital raise and successfully raised $27.95 million
All up, 21.5 million fully paid ordinary shares will now issued to institutional, professional and sophisticated investors at $1.30 each
This price represents a 20.5 per cent discount to the $1.64 closing price of RCE shares on September 18
Due to the strong support received from investors, Executive Chairman Dr Graham Melrose has agreed to sell more than 1.57M shares for $2.05M
Recce will also use the money to advance its antibiotics, complete phase one human clinical trials, and fund anticipated phase one and two topical studies
Recce is down 3.67 per cent on the market and shares are trading for $1.58 each