Here's why the Recce (ASX:RCE) share price is climbing today

The company's shares are set to finish today on a high note.

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Key Points

  • The Recce share price is up 3.85% to $1.35
  • An independent safety committee has cleared stronger dosing of Recce 327
  • Trial subjects are expected to be recruited sometime this week

The Recce Pharmaceuticals Ltd (ASX: RCE) share price is on the move today. This comes after the pharmaceutical company reported further positive data from the clinical trial of its antibiotic candidate, Recce 327.

At the time of writing, the biotechnology company's shares are swapping hands for $1.35, up 3.85%. In comparison, the All Ordinaries (ASX: XAO) is down 0.13% to 7,729.6 points.

Recce moves ahead with clinical trial

Investors are snapping up Recce shares after the company reported positive safety results in a trial for its broad-spectrum antibiotic drug, Recce 327.

The phase I trial assessed the safety and efficacy of Recce 327 against infectious bacteria on burn wounds in patients.

According to its announcement, the company advised that 7 healthy male patients have received 150mg of Recce 327 intravenously. It said this second group of subjects appears to be safe and well, tolerating the level of dosage.

An earlier first study cohort had been administered 50mg of the drug.

Based on the above data, an independent safety committee has approved a threefold increase in the dose for the third study cohort. This will see between 7 to 10 healthy volunteers being administered up to 500mg of Recce 327.

The subjects are expected to be recruited this week and dosed at Adelaide's CMAX clinical trial facility.

Recce CEO James Graham commented:

We are pleased to see R327 (150mg) successfully tolerated as an intravenous infusion in Cohort Two subjects. Having successfully cleared two dosing levels (50mg and 150mg) we look forward to embarking upon this next significant milestone.

Recce share price summary

Recce is involved in the advancement of synthetic antibodies designed to address the global health challenge of antibiotic-resistant superbugs. The medical company's flagship drug Recce 327 is being developed to treat blood infections and sepsis.

Over the past 12 months, the Recce share price has accelerated by almost 30%. These gains have come year to date following the positive safety data from its phase 1 clinical trial.

Based on today's price, Recce presides a market capitalisation of roughly $235 million, with approximately 174 million shares on issue.

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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