Recce Pharmaceuticals (ASX:RCE) share price tumbles despite positive update

Not even the release of a positive announcement has been able to stop the Recce Pharmaceuticals Ltd (ASX: RCE) share price from dropping today.

In afternoon trade, the biotechnology company’s shares are down 2.5% to 94 cents.

What did Recce announce?

This afternoon Recce Pharmaceuticals announced that the European Patent Office has granted patents relating to Recce 327 (R327) and Recce 529 (R529).

R327 has been developed for the treatment of blood infections and sepsis derived from E. coli and S. aureus bacteria. This includes their superbug forms.

Whereas R529 is a new synthetic polymer formulation with indication against viruses. Recce is currently undertaking initial studies of R529 to indicate any potential therapeutic effect…