Recro Pharma Reports Inducement Grants for New Staff

7/22/17

MALVERN, Pa., July 21, 2017 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (Nasdaq:REPH), a revenue generating specialty pharmaceutical company focused on therapeutics for hospital and other acute care settings, today announced the expansion of its team through the appointment of four new employees in the areas of finance, regulatory affairs and acute care marketing.

These four hires are part of Recro Pharma’s preparation for the upcoming filing of a New Drug Application (NDA) and supply chain team for intravenous (IV) meloxicam 30mg for the treatment of acute postoperative pain.

Inducement Equity Award

In connection with the hiring of these personnel, the Compensation Committee of Recro Pharma’s Board of Directors approved inducement stock option grants to purchase an aggregate of 47,500 shares of Recro Pharma’s common stock and inducement restricted stock units covering 6,000 shares of Recro Pharma’s common stock. The equity awards were granted pursuant to the NASDAQ inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Recro Pharma in accordance with NASDAQ Listing Rule 5635(c)(4). Option awards were granted on July 10 and 19, 2017. Each of those awards will have an exercise price equal to the closing price of Recro Pharma's common stock on the respective grant date. The options have a ten year term and vest in equal monthly installments over four years. Restricted stock units were granted on July 10 and 19, 2017. The restricted stock units vest annually over four years. The equity awards are subject to each individual’s continued service with Recro Pharma through the applicable vesting dates.

About Recro Pharma, Inc.

Recro is a specialty pharmaceutical company that operates through two business divisions, an Acute Care, hospital product division and a revenue-generating contract development and manufacturing, or CDMO division, located at the Company’s Gainesville facility. The Acute Care division is primarily focused on developing innovative products for hospital and other acute care settings. The Company’s lead product candidate is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor. IV meloxicam has successfully completed four Phase II clinical trials in the management of moderate to severe post-operative pain and two pivotal Phase III clinical efficacy trials in patients following bunionectomy and abdominoplasty surgeries, as well as a large double blind Phase III safety trial and other safety studies. As injectable meloxicam is in the non-opioid class of drugs, the Company believes it will overcome many of the issues associated with commonly prescribed opioid therapeutics, including respiratory depression, constipation, excessive nausea and vomiting, as well as having no addictive potential while maintaining meaningful analgesic effects for relief of pain. The Company’s CDMO division leverages its formulation expertise to develop and manufacture pharmaceutical products using its proprietary delivery technologies and other manufacturing services for commercial partners who commercialize or plan to commercialize these products. These collaborations can result in revenue streams including royalties, profit sharing, research and development and manufacturing fees, which support continued operations for its CDMO division and it contributes non-dilutive funding for the development and pre-commercialization activities of its Acute Care division.

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