Recro Pharma Announces Closing of Public Offering of Common Stock
August 19 2016 - 10:38AM
Recro Pharma, Inc. (“Recro” or the “Company”) (Nasdaq:REPH), a
revenue generating specialty pharmaceutical company focused on
products for hospital and ambulatory care settings, currently
developing non-opioid products for the treatment of serious acute
pain, today announced the closing of its underwritten public
offering of 1,986,666 shares of its common stock at a price to the
public of $7.50 per share. The gross proceeds to Recro from the
offering were approximately $15 million.
Piper Jaffray & Co. acted as sole
book-running manager and representative of the underwriters for the
offering. Janney Montgomery Scott acted as co-manager for the
offering.
The offering was made by Recro pursuant to a
shelf registration statement on Form S-3 previously filed with the
Securities and Exchange Commission (the “SEC”) on August 20, 2015
and declared effective by the SEC on September 1, 2015. The
offering was made only by means of a written prospectus and
prospectus supplement that form a part of the registration
statement. A final prospectus supplement and accompanying
prospectus related to the offering have been filed with the SEC and
are available on the website of the SEC at www.sec.gov. Copies of
the final prospectus supplement and accompanying prospectus may be
obtained from Piper Jaffray at 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, Attention: Prospectus Department, or by
calling (800) 747-3924, or by emailing prospectus@pjc.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of, these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
About Recro Pharma, Inc.
Recro Pharma is a revenue generating specialty
pharmaceutical company focused on products for hospital and
ambulatory care settings, currently developing non-opioid products
for the treatment of serious acute pain. Recro Pharma is currently
developing IV meloxicam, a proprietary, long-acting preferential
COX-2 inhibitor for treatment of acute postoperative pain, which
has completed four successful Phase II clinical trials in
postoperative pain conditions and has reported positive results
from its first pivotal Phase III clinical trial in patients
following bunionectomy surgery. An additional development
candidate, Dex-IN, a proprietary intranasal formulation of
dexmedetomidine, is being pursued for the treatment of
peri-procedural pain, and has had a past successful Phase II trial
in bunionectomy. As Recro Pharma’s product candidates are not in
the opioid class of drugs, the Company believes its candidates
would avoid many of the side effects associated with commonly
prescribed opioid therapeutics, such as addiction, constipation and
respiratory distress, while maintaining analgesic effect.
Recro Pharma also owns and operates a 97,000
square foot, DEA-licensed facility that manufactures five
commercial products and receives manufacturing revenues and
royalties associated with the sales of these products.
Cautionary Statement Regarding Forward
Looking Statements
Any statements in this press release about
future expectations, plans and prospects for the Company and other
statements containing the words "anticipate," "believe,"
"estimate," "upcoming," "plan," "target", "intend," "expect" and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management’s
expectations and assumptions as of the date of this press release
and are subject to numerous risks and uncertainties, which could
cause actual results to differ materially from those expressed or
implied by such statements. These risks and uncertainties include,
without limitation, management’s use of the proceeds from the
offering and other risks and uncertainties discussed in the Risk
Factors set forth in the Company’s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the SEC and in other
filings the Company makes with the SEC from time to time. In
addition, the forward-looking statements included in this press
release represent the Company’s views only as of the date of this
press release. Important factors could cause our actual results to
differ materially from those indicated or implied by
forward-looking statements, and as such we anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date of this press release.
CONTACT:
Media Contact:
Argot Partners
Eliza Schleifstein
(973) 361-1546
eliza@argotpartners.com
Investor Relations Contact:
Argot Partners
Susan Kim
(212) 600-1902
susan@argotpartners.com
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