An ASX listed company since 2016, Recce had already made major capital commitments by synthesising and patenting a new generation of antibiotics to cure patients of deadly superbug infections. However, Recce’s success through this world-class innovation was becoming a double-edged sword.
Fast-tracking research and development
Cash-flow pressures were threatening to hamper Recce’s ability to enter the next phase of its growth trajectory; crucial for its patented synthetic antibiotics to be approved for use in humans. “The pressure was well and truly on to increase our R&D spend and progress through to human trials.” Recce Executive Director Marketing & Business Development James Graham explains.
With a market capitalisation of $36 million, Mr Graham and his leadership team faced a dilemma: Continue to commercialise using dilutionary capital by issuing more shares or weigh up alternative options. The team decided to look for new ways to maximise the capital the business already had. Radium’s platform-based system was quick and easy for Recce Pharmaceuticals to use. The seamless, real-time online processes meant Recce’s Radium Advance was approved within two business days and the capital released to Recce for vital R&D work shortly after.
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