Announcement PDF Annual Report 2022 ASX:RCE FSE:R9Q Contents 1 Business Highlights 2 Letter from the Chairman 4 Letter from the CEO 6 Overview of Company Activities 7 Phase I Clinical Trial 8 Phase I/II Topical Clinical Trial 8 Pre-Clinical Studies 9 Conference and Media Engagement 10 Board of Directors and Key Management 13 Financial Report 73 Corporate Directory Recce Pharmaceuticals Ltd (ASX: RCE, FSE: R9Q) is developing a new class of Synthetic Anti-Infectives designed to address the urgent global health problems of antibiotic-resistant superbugs and emerging viral pathogens. Recce’s anti-infective pipeline includes three patented, broad-spectrum, synthetic polymer anti-infectives: RECCE® 327 as an intravenous and topical therapy that is being developed for the treatment of serious and potentially life-threatening infections due to Gram-positive and Gram-negative bacteria including their superbug forms; RECCE® 435 as an orally administered therapy for bacterial infections; and RECCE® 529 for viral infections. Through their multi-layered mechanisms of action, Recce’s antiinfectives have the potential to overcome the hypercellular mutation of bacteria and viruses – the challenge of all existing antibiotics to date. The FDA has awarded RECCE® 327 Qualified Infectious Disease Product designation under the Generating Antibiotic Initiatives Now (GAIN) Act – labelling it for Fast Track Designation, plus 10 years of market exclusivity post approval. Further to this designation, RECCE® 327 has been included on The Pew Charitable Trusts Global New Antibiotics in Development Pipeline as the world’s only synthetic polymer and sepsis drug candidate in development. RECCE® 327 is not yet market approved for use in humans with further clinical testing required to fully evaluate safety and efficacy. Recce wholly owns its automated manufacturing, which is supporting present clinical trials. Recce’s anti-infective pipeline seeks to exploit the unique capabilities of its technologies targeting synergistic, unmet medical needs. Business Highlights $3.08m R&D Rebate Received Commercial Delivered Opening R&D Address at World Anti-Microbial Resistance Congress Bonus Canadian Scientific Research & Experimental Development Rebate received (SR&ED) Clinical Phase I Intravenous Clinical Trial Registered in the Australian New Zealand Clinical Trials Registry (ANZCTR) Phase I in-human Intravenous Clinical Trial begins with cohort one subjects dosed with R327 at 50mg. Phase I in-human Intravenous Clinical Trial progresses – a total of six cohorts dosed with R327 demonstrating good safety and tolerability at 4000mg. Multiple Patients Dosed in Phase I/II Topical Burn Wound Infections Clinical Trial Broad-spectrum efficacy across all patients in Phase I/II Clinical Trial of R327 for Treatment of Burn Wound Infections R327 Efficacy Against Necrotizing Fasciitis ‘Flesh-Eating’ Bacteria Anti-Viral Patent Granted in the United States, China and Hong Kong RECCE PHARMACEUTICALS ANNUAL REPORT 2022 Regulatory Innovation Connections Grant received under the Australian Government’s Entrepreneurs’ Programme 1 Letter from the Chairman Recce is an entrepreneurial company and we see the current market volatility as providing us with a number of exciting growth opportunities. Dr John Prendergast Non-Executive Chairman Dear Shareholders, RECCE PHARMACEUTICALS ANNUAL REPORT 2022 2 As I reflect on Recce Pharmaceuticals over the past year, two themes stand out. at predicting timelines and risk-managing our growing clinical activities. The first is the resilience and tenacity of Recce’s dedicated management team adeptly led by our CEO, James Graham. There were many of the operational challenges from the COVID pandemic still flowing into the 2022 financial year. Delayed access to hospital trial sites, a backlog of demands on clinical partners and slower clinical trial recruitment have been issues for every company in the sector as has the global post-pandemic bear market for healthcare and biotechnology investments. The second theme is the steady growth and progress of our anti-infective product pipeline. The potential applications of our platform continued to expand during the year. This growth is driven by both our internal research and development efforts as well as significant inbound global interest from medical specialists and potential commercial partners who are seeking effective solutions to the unmet medical needs of patients with infections such as sepsis and burns wounds. Our progress and success this year is a direct reflection of the impressive focus and execution of James Graham and his team. Recce has continued to demonstrate that it can adapt, respond and operate in this complex environment. Within this situation and its challenges, Recce has honed its capabilities For the coming year, completion of our current safety study, the start of pre-clinical studies for new indications and the formal publication of interim clinical data from our R327 intravenous and topical programs will be a primary focus. In addition, we are planning to capitalize on some compelling preclinical research that we anticipate will provide further clinical opportunities. To that end, Recce welcomes the addition of Dr Phil Sutton from the Murdoch Children’s Research Institute, as our Vice President of Translational Sciences. Phil’s outstanding expertise will be instrumental in driving our research programs into clinical pathways. I am pleased to report the business is in a strong capital position to fund the delivery of a number of clinical milestones. At the time of writing, the Company has cash reserves of over $15 million and a well-managed quarterly cash burn rate of around $1.2 million. Given the current state of global markets, especially in the biotech industry, this is a significant advantage as we continue to develop the enormous potential of the Company’s platform and programs. At its heart, Recce is an entrepreneurial enterprise. I am proud to state that our entire Recce team strives daily to meet the demands and challenges of a high-growth business with assets to address multiple potential therapeutic applications. It is a testament to their dedication as we remain focused on current programs and continue to aggressively pursue our therapeutic clinical studies and commercialisation strategy. Given the current market volatility we seek to capitalise on these exciting growth opportunities and maintain keen attention on delivering the key commercial and clinical milestones that will validate our unique and innovative Australian technology. Recognising the fact that the prevalence and growth of antimicrobial resistance continues to dramatically impact global healthcare in so many critical social and economic measures, we are building a business model through a highly diverse and global organisation with values that unite and drive highly motivated employees in Australia, the US and Europe. Our values of collaboration, integrity and innovation plus the quality of our team will come into sharper focus as the business grows in size and begins to attract the attention of potential partners and new institutional investors globally. On behalf of the board and all our Recce team, I thank all our shareholders for their support that has been instrumental in enabling this phase of the Company’s growth. The Board and executive team have a clear vision, mindset and dedication to create long term shareholder value and navigate the many ongoing challenges and risks of the current market. I would also like to recognise the enthusiasm, dedication and hard work of our entire Recce team and Board members who greatly contributed to our achievements this year. Together with the support of our clinical collaborators, business partners and shareholders, we are proudly building a company with real global impact positioned to deliver on one of the greatest unmet medical needs currently faced by humanity. Yours sincerely, Dr John Prendergast Non-Executive Chairman RECCE PHARMACEUTICALS ANNUAL REPORT 2022 As an integral part of this process, the emerging quality of our share register and ongoing support of all our shareholders is evidence of the positive perception of what Recce is seeking to accomplish for human health, and the value creation for all shareholders. Over the past 12 months Recce has consistently been one of the top 30 biotechnology businesses listed on the Australian Securities Exchange. Consistent with this position and a critical part of our growth and maturation has been our communication around the environmental, social and governance matters essential to the sustainable success of the business. 3 Letter from the CEO Dear Shareholders, Our work gives our employees and supporters a great sense of purpose which I believe is shared by many of our shareholders. RECCE PHARMACEUTICALS ANNUAL REPORT 2022 4 James Graham Chief Executive Officer and Managing Director The market downturn and other supply chain challenges witnessed worldwide, highlight the importance of companies like ours being self-sufficient in our ability to manufacture our product and be well funded. Despite these global challenges, Recce Pharmaceuticals is one of the 30 most valuable biotechnology stocks on the ASX in 2022 against the backdrop of a significant downturn in the global life sciences sector. There are many opportunities these times provide for Recce to advance its leading position in the field through a commitment to engage with potential investors, commercial and clinical partners around the world. Financial Snapshot Thanks to significant pre-clinical and clinical progress throughout its pipeline of anti-infective assets, Recce Pharmaceuticals share price managed to outperform the Australian ASX Biotech Index by 3.5% and the US XBI Index by 36% (in AUD terms). Recce Pharmaceuticals vs XBI Biotech Index Recce Ph All converted to AUD and rebased to Recce's share price All convert RECCE XBI REBASED AUD RECCE XBI REBASE 1.60 1.60 1.40 1.40 1.20 1.00 1.20 0.80 1.00 0.60 0.80 0.40 0.60 0.20 0.40 0 JUN 202 0.20 1 0 JUN 2021 As awareness of the unique opportunities of our infectious diseases technology grows, the portfolio of new programs and product pipelines expands with it. In the coming year, Recce is firmly placed to build upon this year’s achievements and expand our commercial and clinical partnerships ahead of key trial milestones from each of our programs. The Company is well positioned for key milestones surrounding the validation of our lead compound as safe and well tolerated, and on its clinical trials pathway for the potential treatment of sepsis as the largest unmet medical need suffered by millions each year. Recce looks forward to reinforcing its position as an emerging global leader in anti-infectives in the year ahead by continuing to actively engage and educate local and international markets about the unique advantages of our technology platform and its potential to address a number of urgent global human health threats. JUN 2022 A strong company with the greatest number of commercial and partnering options, requires a robust balance sheet. Our financial resources enable us to be competitive, hire the best people globally and continue to build out a pipeline we believe is one of the most valuable in the sector. With two clinical trials well underway our hope is millions of people around the world may soon benefit from commitments to advancing this unique anti-infective technology over the time ahead. Yours sincerely, James Graham Chief Executive Officer and Managing Director RECCE PHARMACEUTICALS ANNUAL REPORT 2022 Our hope is millions of people around the world may soon benefit from commitments to advancing this unique anti-infective technology over the time ahead. JAN 2022 5 1 Overview of Company Activities Throughout the 2021/2022 financial year, the Company primary focus was advancing their clinical trials and the delivery of its overall goals and objectives through the utilisation of its strong financial position. The Company has made considerable progress in its ongoing human clinical trials, and in its pre-clinical studies. In-human clinical trials are underway, with promising results delivered so far and important milestones being reached, the Company is well placed to continue making progress in the clinic. According to PEW Charitable Trusts global antibiotic pipeline review, R327 is the only clinicalstage new class of antibiotic in the world being developed for sepsis, the largest unmet medical need in human health. Pre-clinical studies have also continued, with in vivo studies being conducted at Murdoch Children’s Research Institute, one of the top three children's health research institutes worldwide for research quality and impact. Sepsis Patient Journey Patient Presents at the Hospital Current Treatment Paradigm 1/3 of patients present non-specific symptoms, leading to delayed treatment and high mortality rate1,2,3 Introducing broad-spectrum antibiotic(s) Mortality from sepsis increases by as much as 8% for every hour that treatment is delayed1,2,3 Adjusting antibiotics based on antibiogram results Cost of sepsis care for inpatient admissions and skilled nursing facility (in-patient rehab medical treatment centre admissions was more than USD$62bn/year (USD $170m/day)1,2,3 RECCE PHARMACEUTICALS ANNUAL REPORT 2022 6 Running antibiograms 1 Filbin et al, 2018 2 Liu VX et al, 2017 3 Paoli et al, 2018 Early treatment with the correct antibiotic is key to improving patient outcome MENINGITIS Patient Symptoms What is Sepsis? Sepsis is the body’s overwhelming and lifethreatening response to infection which can lead to tissue damage, organ failure, and death. SKIN OR SOFT TISSUE INFECTION CATHETER-RELATED INFECTION PNEUMONIA BLOODSTREAM INFECTION ABDOMINAL INFECTION URINARY TRACT INFECTION – APPENDICITIS – INFECTIOUS DIARRHEA – GALLBLADDER INFECTION Phase I Clinical Trial Recce’s ongoing Phase I trial is an ascending singledose, randomised, placebo-controlled, parallel, double blind study being conducted at Adelaide's CMAX clinical trial facility. The study is evaluating the safety and pharmacokinetics of R327 in 7-10 healthy subjects per dose, across eight sequential dosing cohorts (Trial ID ACTRN12621001313820). Considerable progress has been made over the FY21/22, as the study has completed dosage levels of 50mg up to 4,000mg (80-fold increase on Cohort One 50mg dose), indicating a good safety and tolerability profile among subjects dosed with R327 (56 subjects to date). Study objectives broadly achieved, now ‘dose-ceiling’ focused. 6,000mg (6 grams) over 1 hour IV is high (double the jump between prior two cohorts). R327 dosing broadly in efficacy range based on animal models with Phase II (efficacy) to determine. What is a Phase I Trial? These studies are usually conducted in small groups of healthy volunteers and aim to determine if the drug is safe, if it has any side effects and how it is metabolised and excreted. ADELAIDE Dose Amount* 4,000mg 80x Dose Amount* Low Dose PERTH *Dose increase fold based on 50mg. 6,000mg 120x Dose Amount* High Dose RECCE PHARMACEUTICALS ANNUAL REPORT 2022 50mg 1x 7 Phase I/II Topical Clinical Trial The West Australian Department of Health sponsored ADELAIDE clinical trial at Fiona Stanley Hospital is assessing the safety and efficacy of RECCE® 327 (R327) in patients with infected burn wounds under Trial ID ACTRN12621000412831. Burn wound infections consisted of Gram-positive and Gramnegative bacteria, including multi-drug resistant and ‘biofilm’ categorised forms PERTH Trial Investigators Dr Edward Raby (Clinical Microbiologist and Infectious Diseases expert at Royal Perth and Fiona Stanley Hospitals). RECCE PHARMACEUTICALS ANNUAL REPORT 2022 8 Professor Fiona Wood (Director of the Burns Service of WA) – world-renowned burns specialist and spray-on skin pioneer. Dr Chris Heath (Snr. Staff Specialist – Infectious Diseases). Broad spectrum antibiotic activity on bacterial burn wound infections with visible infection reduction <24 hours on all patients to date “We are highly encouraged by the initial success of R327 in this topical Phase I/II trial. Patients with burn wounds often suffer severe bacterial infections that are painful, prevent wound healing and can even result in death if not properly treated. Because many of these bacteria are resistant to most available drugs, we are pleased by the potential in R327 offering a treatment option for patients in need.” Study Investigator, Dr Ed Raby, 7 December 2021 Pre-Clinical Studies The Company’s clinical and preclinical programs focused on the treatment of significant unmet medical needs of the growing infectious disease landscape. Advancements have continued in their respective third-party operated programs – chosen for their expertise and regulatory recognised capabilities. Please visit Recce’s website for further updates. Multiple bacterial species were found in and surrounding wounds, with growth swabs locating organisms including pathogens from the ESKAPE group of bacteria. No significant adverse effects or abnormalities have been reported among patients. The Company seeks to build upon these promising interim results in the upcoming year. Sponsored by the Western Australia’s Department of Health South Metropolitan Health Service, the study is thorough and methodical, which may set a solid foundation for the potential expansion of the study into a wider cohort of patients who often have few medical options. Conference and Media Engagement Key Events with Investors, Key Opinion Leaders, and Global Conferences The Company has increased its engagement with global conferences and key opinion leaders in order to increase investment opportunities and engagement within the sepsis and antimicrobial resistance community. See below for the conferences and media opportunities that the Company participated in throughout the financial year. Two of the most prominent events were the 2022 BIO International Convention, the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centres and related organisations across the United States and in more than 30 other nations. The World AMR Congress is the largest AMR conference in the world with more than 1,000 attendees from over 50 countries. The congress attracts industry leaders, clinicians, healthcare payers, and medical regulators from around the world. Date 2021 Presence July The Capital Network – Corporate Presentation Virtual September Equity Forum – German Fall Conference Frankfurt, Germany Switzer Small and Microcap Investor Day Virtual LifeSci Advisors – Investor Luncheon Zurich, Switzerland The MTP Connect Podcast – World AMR Week Podcast World AMR Congress 2021 Washington DC, USA January 11th Annual LifeSci Partners Corporate Access Event Virtual February Spark Plus NDR Virtual March German Australian Business Council – CEO Roundtable Global Webinar Wholesale Investor – Emergence Sydney, NSW Wholesale Investor – Emergence London, UK Wholesale Investor – CEO Interview Podcast Stocks Down Under – Meet the CEO (Life Sciences Edition) Sydney, NSW Sepsis Alliance Leadership Conference Global Webinar ECCMID 2022 Lisbon, Portugal Biotech Investors Lunch Sydney, NSW Spark Plus NDR Singapore Recce Expert KOL Webinar: How R327 is leading the way as a potential, robust solution to Sepsis and Superbugs Global Webinar BIO 2022 San Diego, USA November 2022 April May June RECCE PHARMACEUTICALS ANNUAL REPORT 2022 Event 9 Board of Directors and Key Management Dr John Prendergast Non-Executive Chairman BSc (Hons), MSc (UNSW), PhD (UNSW), CSS (HU) James Graham Managing Director and Chief Executive Officer BCom (Entrepreneurship), GAICD Michele Dilizia Executive Director and Chief Scientific Officer BSc (Med Sci), Grad Dip Bus (Mkting), BA (Journ), GAICD, MASM Dr Justin Ward Executive Director and Principal Quality Chemist BSc (Chem), PhD (Chem), MRACI, CChem RECCE PHARMACEUTICALS ANNUAL REPORT 2022 10 Dr Alan Dunton Non-Executive Director BSc (BioChem) Hons, M.D. (NYU) Dr Prendergast is currently Chairman and Co-founder of Palatin Technologies, Inc. (NYSE: PTH), a US biotechnology company developing therapeutics for diseases with significant unmet medical need. He is also lead director of Nighthawk Biosciences (NYSE: HHWK). During his career, Dr Prendergast has been responsible for the approval of three (3) New Drug Applications. Mr Graham is the Chief Executive Officer of Recce Pharmaceuticals. Mr Graham was former Executive Director and has extensive experience in marketing, business development and commercialisation of early-stage technologies with global potential. Mr Graham has served on Recce’s Board of Directors for six years and has invested in almost every capital raise to date with a focus on expanding Recce’s commercial opportunities and clinical initiatives. Ms Dilizia is a qualified Medical Scientist with a specialisation in medical microbiology. Ms Dilizia successfully co-led the research and development of Recce’s suite of anti-infective compounds, resulting in a portfolio of granted patents across the globe, including a Qualified Infectious Disease Product designation with the U.S. Food and Drug Administration (FDA). Dr Ward is a qualified Chemist who specialises in pharmaceutical quality management and product development. He previously held a technical role with Pfizer, involving providing data for the regulatory submissions to the FDA and TGA. Dr Dunton has over three decades of senior pharmaceutical experience, where he has held leadership positions at various biotechnology and pharmaceutical companies including former President and Managing Director of Janssen Research Foundation (Johnson & Johnson). Dr Dunton has advanced numerous blockbuster antibiotics through regulatory review and commercialisation at Fortune 500 companies including Johnson & Johnson and Roche. Dr Dunton has been responsible for the approval of approximately 20 New Drug Applications; an amalgamation of prescription and OTC products. Arthur Kollaras Principal Engineer & Head of Manufacturing BSc, BEng (Chem), PhilEng (Enviro), MIEAust, MISPE Dr Philip Sutton (appointed after June 30, 2022) Vice President of Translational Sciences BSc (Hons), PhD Justin Reynolds Chief Financial Officer (Pitcher Partners) Alistair McKeough Company Secretary (Automic Group) Daniel Astudillo Head of Marketing BCom (Marketing), BA (Spanish), MBA Operations Manager (Macquarie Park) BSc (Bioengineering) Global infectious disease expert with over 30 years of research and industry experience, having served as former Head of Immunology at CSL Ltd in Melbourne. Dr Sutton has acted as an expert advisor to the World Health Organisation was Chief Editor of the book ‘Helicobacter pylori in the 21st Century’ and has co-authored 100 manuscripts published in peerreviewed journals. Mr Reynolds is a Partner at Pitcher Partners Sydney. Mr Reynolds’ experience with multinational companies has led him to developing expertise as an Outsourced Financial Controller. Mr McKeough is a Principal at Automic Legal. He specialises in complex commercial matters that require careful and strategic planning. Mr McKeough has extensive experience advising ASX-listed companies and their directors and is a member of the University of New South Wales Law Advisory Council. Mr Astudillo is an experienced Marketing Specialist in the pharmaceutical and clinical trial sector with expertise in digital marketing campaigns and targeting key investors in the healthcare industry. With a background in bioengineering, Thomas is an experienced pilot plant operations manager overseeing all manufacturing activities including quality assurance programs and strategic process improvements. RECCE PHARMACEUTICALS ANNUAL REPORT 2022 Thomas Jarrett Mr Kollaras is highly qualified in chemical engineering and microbiology. He has significant experience taking a new technology concept from pilot plant to full-scale international production under FDA standards. 11 RECCE PHARMACEUTICALS ANNUAL REPORT 2022 12 Financial Report Recce Pharmaceuticals Ltd (Formerly Recce Ltd) and Controlled Entities ABN 73 124 849 065 Consolidated Financial Report for the year ended 30 June 2022 14 Directors’ Report 26 Auditor's Independence Declaration 27 Corporate Governance Statement 40 Consolidated Statement of Profit or Loss and Other Comprehensive Income 41 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes In Equity 43 Consolidated Statement of Cash Flows 44 Notes to the Consolidated Financial Statements 66 Directors’ Declaration 67 Independent Auditor’s Report 71 ASX Additional Information RECCE PHARMACEUTICALS ANNUAL REPORT 2022 13 Directors’ Report For the year ended 30 June 2022 Your Directors present their report on Recce Pharmaceuticals Ltd (the ‘Company’) and controlled entities (the ‘Group’) for the year ended 30 June 2022. Information on Directors Dr John Prendergast Chairman (Non-Executive) Directors The following persons held office as Directors of the Company during the year and up to the date of this report: Dr John Prendergast Non-Executive Chairman Dr Alan Dunton Non-Executive Director Mr James Graham Managing Director & Chief Executive Officer Ms Michele Dilizia Executive Director and Chief Scientific Officer Dr Justin Ward Executive Director and Principal Quality Chemist Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Qualifications BSc (Hons), M.Sc. and Ph.D., C.S.S. (Admin & Mgmt) Experience Dr Prendergast is currently Non-Executive Chairman and Co-Founder of Palatin Technologies developing targeted therapeutics for the treatment of diseases with significant unmet medical need and Lead Director of Nighthawk Biosciences, Inc., a publicly traded, clinical stage immunomodulatory company. He was previously a member of the board of the life science companies, Avigen, AVAX Technologies and MediciNova Inc and also as a member of the Advisory Board for the Institute for the Biotechnology of Infectious Diseases (‘IBID’) at the University of Technology Sydney, now called the ithree Institute. Prior to that he was a Managing Director of The Castle Group Ltd., a New York medical venture capital firm. Dr Prendergast held Post-Doctoral Fellowships in the Department of Biochemistry and Molecular Biology, Harvard University and at the Center for Research on Blood Diseases in Paris with Professor Jean Dausset (Nobel Prize, 1980). During his career, Dr Prendergast has been responsible for the approval of three (3) New Drug Applications. Dr Prendergast received his M.Sc. and Ph.D. from the University of New South Wales, Sydney, Australia and a C.S.S. in administration and management from Harvard University. Interest in Shares and Options 250,000 Ordinary Shares 2,175,000 Unlisted Options Special Responsibilities Chairman of the Audit & Risk Management Committee Member of the Nomination & Remuneration Committee RECCE PHARMACEUTICALS ANNUAL REPORT 2022 14 Directorships held in other listed entities during the last three years Palatin Technologies, Inc. (NYSE: PTN) Heat Biologics, Inc. (NASDAQ: HTBX) Ms Michele Dilizia Mr James Graham Director (Executive) and Chief Scientific Officer Director (Executive) and Chief Executive Officer Qualifications Qualifications BSc (Med Sci), Grad Dip Bus (Mkting), BA (Journ), GAICD, MASM BCom (Entrepreneurship), GAICD Experience Mr Graham is Chief Executive Officer and Executive Director of the Company. Ms Dilizia is a Qualified Medical Scientist with specialisation in medical microbiology. Previously, she had a successful executive career in public relations and marketing for a leading retail chain. Ms Dilizia was a market research consultant, which included marketing development of health-care and pharmaceutical products. Interest in Shares and Options 3,543,485 Ordinary Shares 1,500,000 Unlisted Options Experience Mr Graham has a background in marketing, business development and commercialisation of early stage technology with global potential. Mr Graham continues to work closely with the growth and direction of Company, routinely investing alongside shareholders in capital rounds to date. Interest in Shares and Options Direct ownership 2,840,332 Ordinary Shares Special Responsibilities 2,250,000 Unlisted Options Nil Indirect ownership Directorships held in other listed entities during the last three years 3,191,600 Ordinary Shares Nil Special Responsibilities Member of the Audit and Risk Management Committee Directorships held in other listed entities during the last three years Nil RECCE PHARMACEUTICALS ANNUAL REPORT 2022 15 Directors’ Report Continued For the year ended 30 June 2022 Dr Justin Ward Dr Alan Dunton Director (Executive) Director (Non-Executive) Qualifications Qualifications BSc (Chem), PhD (Chem), MRACI, Chartered Chemist M.D. New York University School of Medicine Experience B.S. Biochemistry. (Magna cum laude) State University School of New York at Buffalo Dr Ward is qualified chemist with specialisation in pharmaceutical quality management and product development. Before Recce Pharmaceuticals, he held a technical speciality and special project leadership role with Pfizer Pharmaceuticals, involving providing data for the regulatory submissions to the FDA and TGA. After Pfizer, he was the Laboratory Manager for Solbec, involving, again as presently, drug specifications and pharmaceutical trials for the ASX-Listed company. Interest in Shares and Options Direct ownership 158,966 Ordinary Shares 600,000 Unlisted Options Special Respo