Recce Pharmaceuticals — Gearing up for an eventful year for R327G

Recce is preparing to start a registrational Indonesian Phase III 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). We expect the trial to start in the coming weeks and note that 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. We anticipate that positive results could lead to Recce’s earliest R327 commercialisation opportunity, through a launch in South-East Asia in the DFI indication in H2 CY26. After adjusting for forex and other minor adjustments, we now obtain an rNPV valuation of A$610.1m (or A$2.68 per share), versus A$593.6m (or A$2.60 per share) previously.