Announcement posted by Marko Communications 30 Dec 2015
Australian early-stage pharmaceutical company, Recce Ltd (ASX: RCE) is pleased to announce that its Initial Public Offering (IPO) is oversubscribed, following strong support from institutional and retail investors.
The offer will result in the issue of 25 million shares at an issue price of $0.20 cents in the Company, raising $5 million and attracting approximately 390 new shareholders.
The Company has lodged an application for listing on the Australian Securities Exchange (ASX), and hopes to have its shares listed on or about 5 January 2016. The ASX ticker code for the Company will be RCE.
Recce’s Executive Chairman Dr Graham Melrose said, “The outcome of the IPO is a great result in a challenging investment environment. We believe the strong support from investors is a reflection of our unique technology which culminates in the synthesis of RECCE antibiotics - designed to kill, and keep on killing superbugs.”
“We thank Alan Hill and his team of the Lead Manager, State One Equities Pty Ltd for their valued support – and now wish to extend a warm welcome to our new shareholders.”
For further information please visit www.recce.com.au or contact:
Investor Relations Peter Williams CFO & Company Secretary Recce Ltd Tel: +61 8 9253 9800 | Media Communication Karen Oswald – karen.oswald@markocommunications.com.au Gary Buchholz – gary@markocommunications.com.au Marko Communications Tel: +61 423 602 353
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About Recce Ltd
Recce, led by Dr Graham Melrose, is a world-leader in synthetic-polymer antibiotics. RECCE antibiotics have been synthesised by an extremely simple and economic method.
RECCE antibiotics have shown in laboratory tests that they have continued activity against bacteria including superbugs, even after repeated use.
Recce is positioned to achieve milestones in both manufacturing of RECCE antibiotics, and the pre-clinical regulatory requirements - that should drive significant value for the Company.