The Sydney-based biotechnology company recently announced a phase 1 trial aimed at new classes of synthetic anti-infectives.
At the time of writing the Recce Pharmaceuticals Ltd [ASX:RCE] share price is up 4.40%, to trade at $1.66, on the back of this positive announcement.
What’s happening at Recce Pharmaceuticals?
It’s been a big month for the company, being placed in a trading halt at the start of the month.
Once trading resumed Recce Pharmaceuticals came out with a flurry of announcements.
At present the company is working on two compounds; R327 and R529.
Both compounds have been found to have encouraging results in fighting COVID-19.
Based on the encouraging results US researchers have recommended that the company should advance research of both R327 and R529, and has secured testing of the compounds in a gold-standard, in vivo COVID-19 infection study in animals.
With COVID-19 being such a critical issue to tackle right now, this research is important to all.
With non-executive chairman Dr John Prendergast mentioning:
‘As COVID-19 infections and mortalities continue to rise, an effective treatment is critical. Recce’s anti-infective technology is striving to address the global health problem of emerging viral pathogens.’
Where to from here for Recce Pharmaceuticals?
With COVID-19 being such a pressing issue for us all right now, the work being done by Recce and all other biotech companies is of great importance.
Over the last two weeks the company’s stock price moved up on higher volume after a few weeks of a minor pullback.
From where it sits at present should the price decline, then the levels of $1.52 and $1.13 may be strong enough to hold up any decline.
On the upside for the price to be considered bullish still, then it would be looking to break through the recently set all-time high of $1.87.
For Money Morning
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