The Recce Pharmaceuticals Ltd (ASX: RCE) share price is soaring today. This comes after the pharmaceutical company provided an update on its clinical trial for the treatment of burn wound infections.
At the time of writing, the Recce share price is up 12.21% to 96.5 cents. In comparison, the All Ordinaries (ASX: XAO) is up 0.51% to 7,567.7 points.
What did Recce announce?
The Recce share price is surging after the company reported positive results for its broad-spectrum antibiotic Recce 327 drug.
The phase I/II study assessed the safety and efficacy of Recce 327 against infectious bacteria on burn wounds in patients.
As such, investigators reviewed the findings and noted a visible infection reduction within the first 24 hours of treatment. Patients with acute infected wounds completely recovered, requiring no further treatment. Investigators adopted a shorter five-day treatment protocol for these patients.
Those who had more severe surface area wounds were given a seven-day timeframe, resulting in a similar outcome.
Initially, the trial had been scheduled to run over the 14 days. Two cohorts of patients would either receive Recce 327 daily or three times per week.
Recce advised that the study is ongoing, with further patient enrolment expected by early 2022.
Once the trial is completed, clinicians will review the results and decide upon the best standards of care for future programs. In addition, burn wound specialists will oversee the delivery of Recce 327 via a spray-on formulation.
The trial is being sponsored by the Western Australian government’s Department of Health. It is taking place at the Fiona Stanley Hospital (Burns Unit) in Perth.
Commenting on the results fuelling the Recce share price today, CEO James Graham said:
We are pleased with the progress of our lead compound, R327, in patients harbouring serious burn wound infections. This initial update builds upon strong pre-clinical data demonstrating fast and efficient killing activity against common and problematic bacterial strains, and we are excited for the potential of R327 in the clinic. We look forward to updating shareholders of further human clinical data points as this trial progresses.
Recce share price summary
Despite today’s euphoric rise, the Recce share price has had a disappointing 12 months, falling by around 20%. When looking at year-to-date, it is hovering around 9% lower.
Based on today’s price, Recce presides a market capitalisation of roughly $149.45 million, with approximately 173.79 million shares on issue.
The post Here’s why the Recce (ASX:RCE) share price is rocketing 12% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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