Announcement PDF 2017 ANNUALREPORT ABN 73 124 849 065 2017 HIGHLIGHTS • Dose safety indicated in multiple animal models • Efficacy in animal models for superbug strains of E. coli and S. Aureus • Multiple tests of mutagenicity (cancer) are clear • Confirmation of production at volumes for clinical program • Efficacy established in seven of the top 12 superbug threats identified by WHO • Secured up to A$6.05 million investment from US investor • Additional global patent advances b recce.com.au / Recce Annual Report 2017 CONTENTS WHO WE ARE 3 MESSAGE FROM THE CHAIRMAN 4 COMPANY PROFILE 6 BOARD OF DIRECTORS & KEY MANAGEMENT PERSONNEL 10 FINANCIAL REPORT 11 CORPORATE DIRECTORY IBC recce.com.au / Recce Annual Report 2017 1 “ “Drug-resistant bacteria kill about 700,000 people each year, and that number could rise to 10 million by 2050 without a new arsenal of drugs” The Review on Antimicrobial Resistance Chaired by Jim O’Neill WHO WE ARE Recce is a drug discovery and development business commercialising a new class of synthetic antibiotics to address the global health challenge of antibiotic resistant superbugs. Overuse of antibiotics in medicine and farming has led to the rise of antibioticresistant bacteria worldwide. The rise of so-called superbugs has become a global health issue and one of the greatest threats to human health according to the World Health Organisation (WHO). Recce is developing a portfolio of new therapies that have the potential to help address the worldwide threat to human health posed by drug resistant bacteria. Recce’s current lead candidate is a synthetic antibiotic that is being developed to treat bacterial sepsis, gastritis and diarrhoea. Recce is currently completing an Investigational New Drug application (IND) application for submission to the US Food & Drug Administration (FDA) to gain approval to test its therapy in humans. With a low cost out-sourced business model and a strong patent portfolio, the business is well positioned, with management committed to delivering long-term value to shareholders. recce.com.au / Recce Annual Report 2017 3 “With your support we are focused on creating a commercially successful enterprise to help address the global rise of antibiotic resistant superbugs.” Executive Chairman, Dr Graham Melrose MESSAGE FROM THE CHAIRMAN Building the foundations for long term growth During the 2017 financial year, Recce Limited continued building the solid foundations for growth and moving towards becoming a significant international antibiotics business. Our pre-clinical program continued to make excellent progress as we invested considerable resources in the advance of our Investigative New Drug (IND) application for submission to the US Food & Drug Administration (FDA). Operational update Key operational achievements included the establishment of our first automated manufacturing facility in Sydney to supply our early clinical trials as well as recruiting a number of key staff to manage and support our production. The upscaling of our manufacturing capabilities was a key milestone for the period as it broadened our production capacity whilst bringing our overall Quality Management System (QMS) to a higher standard according to the US Food and Drug Administration’s (FDA) good laboratory practice (glp) guidelines. During the reporting period we welcomed a number of highly qualified new employees who together have been crucial to the timely establishment of our new manufacturing facility in Sydney. As we grow we expect to make a number of senior management appointments at the appropriate time as our technology advances through the approval process and we expand our operations in to key geographic markets. With your support, we are focused on creating a commercially successful business and realising the full potential of our unique Australian technology. The danger and effective management of the challenges posed by antibiotic resistance are very real and growing daily. The annual cost to the Australian and global economy is growing and impacts all of us in some way. Recce believes we have a unique opportunity to help medical professionals worldwide and to materially grow our business in the process. 4 recce.com.au / Recce Annual Report 2017 Financial management At the same time our focus is on tightly managing our cash outflows while directing our precious resources towards the rapid development of our lead candidate. Recce is committed to delivering an effective low cost treatment demanded by our markets. The team in Sydney has made excellent progress towards developing our new manufacturing facility and preparing the business for the next critical stage of development - the start of human clinical trials. A new approach to antibiotics For the past decade, many big pharmaceutical companies have ignored investment in new antibiotics. Most of this is due to the propensity of natural antibiotics to soon develop resistant superbugs soon after their market introduction. Alternatively, Recce believes it can be part of the solution. Being synthetic means our lead candidate is not prone to resistance and potentially less expensive to make. Our long term vision is to deliver to the market cost-effective, long-term solutions for the current threat posed by multiple drug resistant superbugs. The year ahead 2018 will be a pivotal year for our business as we aim to start a series of first human clinical trials of our lead compound in patients, beginning with Phase 1 (safety) before progressing to Phase 2 (efficacy) for the treatment of sepsis derived from resistant and/or non-resistant bacteria in the blood. At the same time we expect to make submissions to begin human studies for our lead candidate to treat antibiotic resistant strains of H.Pylori and E. coli. “Thank you to our shareholders who have supported Recce and continue to show their strong belief in the future of the Company.” Your Board of Directors remains focused on managing this critical phase and conserving our cash resources and have accordingly not replaced a number of board members who resigned during the reporting period. Our focus is managing and minimising the risks and costs. We are proud of the way our small team have responded to the challenges during the reporting period and I believe we have the right people in place to drive the Company forward and rise to the many challenges we will encounter as we grow. On behalf of the Board, I would like to sincerely thank our shareholders who continue to support the Company and our vision. The solid foundations for long term growth are being built and we look forward to providing you with more positive updates as we progress towards realising the promise our unique Australian technology holds and the potential to help improve the lives of millions of people and reduce the cost burden of antibiotic resistant superbugs. Yours sincerely, Dr Graham Melrose Executive Chairman / Recce Ltd recce.com.au / Recce Annual Report 2017 5 COMPANY PROFILE Our lead compound RECCE® 327 in action These images show the mode of action of our lead compound. They were taken at the University of Western Australia using a high-definition electron microscope. Our thanks to Dr Peta Clode and Lyn Kirilak of the Centre for Microscopy, Characterisation and Analysis at UWA for their time and efforts. A broad spectrum antibiotic candidate Recce’s lead drug candidate, RECCE® 327 has shown promising results to date. Data from pre-clinical studies indicate the compound is effective in treating a wide range of disease-causing bacteria, and the superbugs of these bacteria. 6 00:00 minutes 00:20 minutes 180 minutes The first image shows the drug resistant E. coli bacteria before the application of RECCE® 327, the E. coli bacteria cells are healthy, smooth and intact. After application of RECCE® 327, the E. coli bacteria cell membrane begins to weaken and is disrupted. E. coli bacteria cells (10e6 cfu/ml) having their outer membrane weakened – and finally collapsing from treatment with RECCE® 327 (1000 ppm). Efficacy Safety • Performs as a broad spectrum antibiotic • Multiple studies of toxicity in small and large animals • Acts against bacteria in both normal and mutated superbug forms • Multiple tests of mutagenicity (cancer) are clear • Over 30 studies to date indicate the safety of RECCE® 327. • Multiple tests demonstrate efficacy against Gr+ve S. aureus (Staph) including superbug forms • Is suited to administration against sepsis by intra-venous drip • Multiple tests demonstrate efficacy against Gr-ve E. coli including superbug forms • Indicates a wide and safe therapeutic dosing window • Rate and MIC/MKC data demonstrate high potency and broad spectrum activity against range of bacteria • Contains a patented polymeric structure, intentionally designed to overcome the traditional challenges of bacterial mutation/resistance (superbugs) • In-vivo (mice) study against Influenza virus recce.com.au / Recce Annual Report 2017 COMPANY PROFILE cont. Strong patent portfolio provides a solid foundation for growth Recce’s patent portfolio has continued to strengthen with the submission of patent family’s 2 and 3 in all Patent Cooperation Treaty (PCT) countries. Recce’s first family of patents protects its unique method of manufacture, antibacterial application and some modes of delivery as a synthetic polymeric technology for human use. This monopoly is exclusive to Recce until at least 2028. Provisional patents were lodged and advanced to patent pending statuses covering new modes of delivery and uses of the synthetic technology including potential antiviral applications, extend to at least 2036. Our aim is to become a global leader in the supply of new antibiotics that can help address the worldwide crisis of drug resistant antibiotics. Patent Family 1 – Granted protecting Recce’s unique and highly economical manufacturing process Status Expiry Australia Filed Granted 2028 USA Granted 2029 Europe Granted 2028 Germany Granted 2028 Spain Granted 2028 France Granted 2029 United Kingdom Granted 2028 Italy Granted 2028 Sweden Granted 2028 Japan Granted 2028 China Granted 2028 Status Expiry Pending 2034 Patent Family 2 – Provisional protecting Recce’s drug delivery opportunities Filed All PCT Countries Patent Family 3 – Provisional protecting Recce’s anti-viral and anti-cancer applications Filed All PCT Countries Status Expiry Pending 2034 Trade Marks – Approved and Registered protecting RECCE® for use on antibiotic and pharmaceutical products and services Filed Status Expiry Australia Registered 2026 USA Registered 2026 Europe Registered 2026 Japan Registered 2026 China Registered 2026 recce.com.au / Recce Annual Report 2017 7 COMPANY PROFILE cont. Growth also supported by legislative and financial initiatives Supportive US legislation In the US, the Generating Antibiotic Incentives Now (GAIN) Act was passed to incentivize the development of new antibiotics in response to the growing threat of antibiotic resistance and a lack of antibiotic products in drug manufacturers’ pipelines. The legislation gives an extra five years patent exclusivity to new antibiotics that treat serious or life-threatening illnesses without generic drug competition. A further five years market exclusivity is also available for molecules that the FDA defines as a ‘New Chemical Entity’ (NCE). Additionally, the FDA provides a framework to award ‘Expedited Review Status’. Recce believes it will be eligible to benefit from these additional advantages. Non-dilutive funding grants Two key programs, the US Biomedical Advanced Research & Development Agency (BARDA) Broad Spectrum Antimicrobials program, and the European Innovative Medicines Initiative (IMI) New Drugs For Bad Bugs (ND4BB) program, provide direct financial support to nearly 20 percent of all antibiotics currently under development globally. In 2016 a new initiative called CARB-X, was launched as one of the world’s largest public-private partnerships focused on preclinical discovery and development of new antimicrobial products. CARB-X will give US$44 million in its first year and up to $350 million in the next five years in grants to small companies developing new antibiotics and diagnostics. CARB-X funds come from the US government and a public-private initiative in the UK. The goal is to get at least two new drugs into human trials in the next five years. The World Health Organisation (WHO) is working to urgently raise awareness and action on antibiotic resistant bacteria To help governments, researchers and industry focus their resources on antibiotic resistance, the WHO has published a priority list of 12 antibiotic-resistant bacteria. Priority 1: CRITICAL • Pseudomonas aeuginosa, carbapenem-resistant • Enterobacteriacae, carbapenem-resistant, ESBL-producing • Acinetobacter baumannii, carbapenem-resistant RECCE® 327 1 2 Not tested Priority 2: HIGH • Enterococcus faecium, vancomycin-resistant 3 • Staphylococcus aureus, methicillin-resistant, vancomycin-intermediate and resistant 4 • Helicobacter pylori, clarithromycin-resistant 5 • Neisseria gonorrhoeae, cephalosporin-resistant, fluoroquinolone-resistant 6 • Campylobacter spp., fluoroquinolone-resistant Not tested • Salmonellae, fluoroquinolone-resistant Not tested Priority 3: MEDIUM • Streptococcus pneumoniae, penicillin-non-susceptible 1 2 3 4 5 6 7 8 7 • Haemophilus influenzae, ampicillin-resistant Not tested • Shigella spp., fluoroquinolone-resistant Not tested Active in vitro against Recce’s own superbug of this bacterium Active in vivo against a member of this family CRE E. coli Active in vitro against a very closely related species, Enterococcus faecalis, Vancomycin resistant Active both in vitro and in vivo against MRSA, Methicillin-resistant Staphyloccocus aureus. Active both in-vitro and in vivo against three strains (2 of which were superbugs) Active in vitro (superbug not available) Active in-vitro against related superbug Klebsiella pneumoniae recce.com.au / Recce Annual Report 2017 “ “Antimicrobial resistance is a global health emergency that will seriously jeopardise progress in modern medicine” Dr Tedros Adhanom Ghebreyesus Director-general of the WHO BOARD OF DIRECTORS & KEY MANAGEMENT PERSONNEL Dr Graham Melrose Executive Chairman BSc (Hons), PhD (UWA), MBA (Macq), FRACI, C Chem, FAICD Founder and inventor. Former Chief Research Executive of Johnson & Johnson (Aust) Pty Ltd in Sydney, with global responsibilities, particularly in Asia-Pacific. Michele Dilizia Executive Director BSc (Med Sci), Grad Dip Bus (Mkting), BA (Journ), GAICD, MASM Co-inventor and qualified medical scientist; specialisation in medical microbiology & regulatory affairs. James Graham Executive Director BCom (Entrepreneurship), GAICD Extensive experience in marketing, business development and commercialisation of early stage technologies with global potential. Peter Williams CFO and Company Secretary BBus, FCPA, MAICD Accomplished senior ASX finance professional with significant local and international experience. Former VP Finance with BHP World Minerals reporting to the CEO. Arthur Kollaras Principal Engineer BSc Beng (Chem), PhilEng (Enviro) Highly qualified in chemical engineering and microbiology, has significant experience taking a new technology concept to pilot plant and full scale FDA standards and production internationally. Dr Justin Ward Senior Quality Chemist BSc (Chem), Ph.D (Chem), MRACI, CChem A quality control expert who has worked with leading pharmaceutical companies. He will bring Recce’s research and development laboratory in Perth up to US FDA standard. 10 recce.com.au / Recce Annual Report 2017 FINANCIALREPORT For the year ending 30 June 2017 Recce Limited Consolidated Entity ABN: 73 124 849 065 CONTENTS DIRECTORS’ REPORT 12 AUDITOR’S INDEPENDENCE DECLARATION 30 CORPORATE GOVERNANCE STATEMENT 31 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 44 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 45 CONSOLIDATED STATEMENT OF CASH FLOWS 46 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 47 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 48 DIRECTORS’ DECLARATION 74 INDEPENDENT AUDIT REPORT 75 ADDITIONAL STOCK EXCHANGE INFORMATION 79 CORPORATE DIRECTORY IBC DIRECTORS’ REPORT Your Directors present their report on the Group for the year ended 30 June 2017. Directors The names of Directors in office at any time during or since the end of the year are: • • • • •  r Graham Melrose D Ms Michele Dilizia Mr James Graham Dr Dominic Barnes Ms Bernadette Murdoch Appointed 14 May 2016 – Resigned 20 January 2017 Appointed 26 May 2016 – Resigned 21 November 2016 Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Company Secretary The following person held the position of Company Secretary at the end of the financial year: • Mr Peter John Williams — Bachelor of Business, FCPA, MAICD. Mr Williams has worked for Recce Ltd since 19 May 2015 as Chief Financial Officer and Company Secretary. Mr Williams was appointed Company Secretary on 3 June 2015. 1. Principal Activities The principal activities of the Group during the financial year were related to the research and development of antibiotic drugs. 2. Operating Results The loss of the Group amounted to $3,025,504 (2016: $4,840,358 loss) 3. Dividends Paid or Recommended No dividends have been paid or declared for payment. 4. Review of Operations Research & Development Activities During the year the Company undertook a wide range of Efficacy, Safety & Chemistry related tests for the purposes of gathering data to support its Investigational New Drug (IND) application to the Food and Drug Administration in the USA. A range of announcements related to these tests and supporting activities were released as follows: 12 • On 13 July 2016 it was announced that an anti-viral test, conducted by a Contract Research Organisation (CRO) in the US, showed efficacy in-vitro against Influenza virus • On 20 July 2016 the Company announced that three separate laboratory screening tests for genetic toxicity indicated that RECCE® 327 is not carcinogenic (does not cause cancer) • On 28 July 2016 the Company announced that it had scaled up manual manufacturing capabilities in its Perth facilities, producing 9 litres of RECCE® 327 over one week and expansion to Sydney • On 15 August 2016 the Company announced that it had again in-vivo (mice) increased the “normal” dose of RECCE® 327 by at least a factor of 4, with no toxicity observed • On 31 October 2016 the Company announced that it had employed chemistry and manufacturing experts to support its quality assurance and scale-up process as well as the advancing of its patent family 2 application • On November 2016 the Company announced that dose escalation in a cancer mouse model showed tolerance without animal deaths. Inhibition of colon carcinoma growth was not significant recce.com.au / Recce Annual Report 2017 DIRECTORS’ REPORT cont. • On 20 December 2016 the Company announced that an anti-viral test, conducted by a CRO in the US, showed efficacy in-vivo (mice) against Influenza virus • On 18 January 2017 the Company announced that an anti-bacterial test, conducted by a CRO in the US, showed Recce’s lead compound reduces illness in mice infected by resistant E. coli bacteria. It further showed not only a better ‘Health score’ than those treated using last line of defence antibiotic Tigecycline but a better weight loss score • On 23 February 2017 the Company announced that it had suspended its anti-cancer program to focus on commercialising its synthetic lead compound against resistant bacteria and viruses. It further announced that its patent family 3 application had progressed from a provisional to patent pending status across all jurisdictions party to the International Patent Cooperation Treaty (PCT) • On 24 February 2017 the Company announced that it had captured RECCE® 327 in action against E. coli bacteria using University of Western Australia’s sophisticated electron microscope. This was important as the images reinforced Recce’s unique and patented mechanism of action at a cellular level • On 27 March 2017 the Company announced that in a further in-vivo (dogs) safety test, conducted by a CRO in the US, the intravenous infusion of RECCE® 327 at 70 mg/Kg over four hours was well tolerated • On 10 April 2017 the Company released an operational update informing shareholders that its IND application was on schedule, it had moved into larger animal species and began work on its automated manufacture facility. The Company further confirmed it had demonstrated efficacy against 7 of the top 12 bacterial threats identified and priority-categorised by the World Health Organisation and opportunities for additional market exclusivity • On 19 May 2017 the Company announced that it had successfully completed a chemical analysis and structural study at a CRO in the US. The study had shown RECCE® 327 could be tracked in the blood of study animals - enabling researchers to trace its path. The tests also confirmed the compound’s structure, chemical stability and mode of action as outlined in its patents and manufacturing process • On 16 June 2017 the Company announced that it had successfully secured up to A$6.05 million investment agreement with US institutional investor The Lind Partners over 2 years to support its IND application and Phase 1 clinical trials • On 22 June 2017 the Company announced it had completed construction of a wholly owned production facility in Macquarie Park, Sydney with expected outputs capable of supporting RECCE® 327 through both Phase 1 and Phase 2 human trials. So where does that leave us? With now over 30 pre-clinical studies completed, results favourably indicate that RECCE® 327: • Does not cause healthy cells to mutate (cancer) • Destroys Gram positive and Gram negative bacteria - broad spectrum • Acts against bacteria in both normal and mutated superbug forms – with the same ease • Contains a patented polymeric structure, intentionally designed to overcome the traditional challenges of bacterial mutation/ resistance (superbugs) • Is suited to administration against sepsis by intra-venous drip • Has a wide and safe therapeutic dosing window 5. Financial Position The Directors believe that the Group is in a position to meet all its commitments as and when they fall due. recce.com.au / Recce Annual Report 2017 13 DIRECTORS’ REPORT cont. 6. Significant Changes in State of Affairs On 15 July 2016 3,543,000 Class A Performance Shares were converted to ordinary shares and on 16 January 2017 a further 1,059,000 Class A Performance Shares were converted to ordinary shares. Although these conversions related to the Company achieving the milestone applicable to these Performance Shares on 16 February 2016, the Performance Shares allocated to G Melrose were restricted from conversion as a result of the application of section 606(1) of the Corporations Act 2001. The restrictions related to these Performance Shares was lifted on these dates. On 16 June 2017 the Company announced it had signed a Share Purchase and Convertible Security Agreement, whereby the Company could receive over a 24 month period, up to A$6.05 million from a US institutional investor, the Australian Special Opportunity Fund LP (ASOF). ASOF made an initial upfront investment of $300,000 by way of a $250,000 24 month interest free unsecured convertible security (with a face value of $300,000) and a $50,000 equity investment that was satisfied by the issue of ordinary shares. Subsequent investments, subject to certain conditions, be made in monthly equity tranches of $50,000 that can be increased up to $250,000 by mutual consent between Recce and ASOF. 7. Future Developments, Prospects and Business Strategies The Group continues its strategy of having its antibiotic drug tested for safety, efficacy and chemistry to enable the Group to lodge its application for Investigational New Drug (IND) status with the Food and Drug Administration (FDA) in the USA. 8. Environmental Issues The Group is not aware of any environmental issue. 9. Subsequent Events On 20 July 2017 the Company announced that its manufacturing facility in Sydney was producing at name-plate standard its antibiotic compounds at volumes in preparation for human clinical trials. On 31 July 2017 the Company announced the following: • It had positive data from additional pre-clinical studies that confirmed that RECCE® 327 was equally effective in killing Gram Positive and Gram Negative bacteria and their superbug form; • That the preferred mode of delivery of RECCE® 327 was via an IV drip; and • That independent experts had reviewed Recce’s draft IND and recommended that Recce should proceed to a pre-IND meeting with the US FDA. On 7 July 2017 the Group issued a purchase order in relation to the purchase of an Acquity UPLC – H Class at a cost of $138,301. This piece of equipment will be used to analyse Recce’s lead compound RECCE® 327. No other matter or circumstance has arisen since 30 June 2017, which has significantly affected, or may significantly affect the state of affairs of the Group in subsequent financial years. 14 recce.com.au / Recce Annual Report 2017 DIRECTORS’ REPORT cont. 10. Information on Directors Dr Graham Melrose Chairman (Executive) Qualifications BSc(Hons), PhD, MBA, FRACI, CChem, FAICD Experience Founder of Recce and inventor of RECCE antibiotics. Previously, founded Chemeq Ltd and under his leadership and R&D direction, achieved over a three-year period, the top capital gain of all companies listed on the ASX, and an average market capitalisation of approximately $500 million. Interest in Shares 30,375,003 Ordinary Shares* 6,075,000 Class B Performance Shares* 6,075,000 Class C Performance Shares* 6,075,000 Class D Performance Shares* *held jointly with wife Olga Mary Melrose Special Responsibilities Chairman of the Board of Directors Directorships held in other listed entities during the last three years Nil Earlier, a senior academic in the University of NSW’s Department of Applied Organic Chemistry; visiting research scientist at Oxford and Munich universities. Executive Director and Chief Research Executive of Johnson & Johnson (Aust) Pty Ltd in Sydney, with global responsibilities, particularly in the Asia-Pacific. Established and operated for some ten years, an industry-leading marketing consultancy. Mr James Graham Director (Executive) Qualifications BCom (Entrepreneurship), GAICD Interest in Shares Direct 1,868,601 Ordinary Shares 389,712 Class B Performance Shares 389,712 Class C Performance Shares 389,712 Class D Performance Shares Experience Appointed a Director on 23 June 2015. Indirect 345,000 Ordinary Shares Committee-member of WA Angel Investors; entrepreneurship and marketing. 1,436,250 Ordinary Shares Previously, General Manager of start-up marine company with sales in Australia, Asia and Europe. 356,250 Class C Performance Shares Investor (Non-professional) in ASX-listed technology companies. Special Responsibilities Member of the Audit and Risk Management Committee. Closely involved in the early growth and direction of Recce – initiated and facilitated funding. 356,250 Class B Performance Shares 356,250 Class D Performance Shares Directorships held in other listed entities during the last three years Nil recce.com.au / Recce Annual Report 2017 15 DIRECTORS’ REPORT cont. Ms Michele Dilizia Director (Executive) Qualifications BSC (Med Sci), Grad Dip Bus (Mkting), BA (Journ), GAICD, MASM Experience Appointed a Director on 23 June 2015. Qualified Medical Scientist; specialisation is medical microbiology. Interest in Shares 2,886,061 Ordinary Shares 577,212 Class B Performance Shares 577,212 Class C Performance Shares 577,212 Class D Performance Shares Special Responsibilities Member of the Nomination and Remuneration Committee. Directorships held in other listed entities during the last three years Nil Earlier a successful executive career in public relations and marketing for a leading retail chain. Began with journalism and then post-graduate qualifications in business. Market research consultant, which included marketing development of health-care and pharmaceutical products. Dr Dominic Barnes Director (Non-Executive) Interest in Shares Nil Qualifications FAICD, MMedSc, MBA, MBBS Special Responsibilities Dominic was Chairman of the Nomination and Remuneration Committee and was a member of the Audit and Risk Management Committee. Experience Appointed a director on 14 May 2016 – Resigned 20 January 2017 Has had directorships or senior regulatory appointments with the Australian subsidiary companies of leading global pharmaceutical companies: Shire, AstraZeneca and Johnson & Johnson; he is also a leading member of medical, government and academic institutions in Australia. 16 recce.com.au / Recce Annual Report 2017 Directorships held in other listed entities during the last three years Nil DIRECTORS’ REPORT cont. Ms Bernadette Murdoch Director (Non-Executive) Interest in Shares Qualifications Bachelor Public Relations. Completed a Bachelor of Arts in Public Relations at RMIT University including an exchange program with Leeds Metropolitan University, UK. Special Responsibilities Bernadette was Chairperson of the Audit and Risk Management Committee and was a member of the Nomination and Remuneration Committee. Experience Appointed a director on 26 May 2016 – Resigned 21 November 2016 20,000 Ordinary Shares at the time of resignation. Directorships held in other listed entities during the last three years Nil