Recce Pharmaceuticals — Phase III Indonesian DFI trial underway

Recce has reached a key milestone with the start of patient dosing in its Phase III Indonesian-focused study of the topical gel formulation (R327G) of its lead anti-infective therapeutic drug candidate, RECCE® 327 (R327), for the treatment of diabetic foot infections (DFIs). DFIs are the leading cause of limb morbidity in diabetic patients and an area of unmet need, as currently available topical drugs have limited effectiveness. Positive Phase III results could lead to Recce’s earliest commercialisation opportunity, through a launch of R327G in South-East Asia in the DFI indication in H2 CY26. We now determine an rNPV valuation of A$600.2m (or A$2.24 per share), versus A$615.1m (or A$2.51 per share) previously.