Recro Pharma Reports Inducement Grants for New Staff
July 21 2017 - 7:00AM
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.
Cautionary Statement Regarding Forward
Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties. Such forward
looking statements reflect Recro's expectations about its future
performance and opportunities that involve substantial risks and
uncertainties. When used herein, the words "anticipate," "believe,"
"estimate," "upcoming," "plan," "target", "intend" and "expect" and
similar expressions, as they relate to Recro or its management, are
intended to identify such forward-looking statements. These forward
looking statements are based on information available to Recro as
of the date of this press release and are subject to a number of
risks, uncertainties, and other factors that could cause Recro’s
performance to differ materially from those expressed in, or
implied by, these forward looking statements. Recro assumes no
obligation to update any such forward-looking statements. Factors
that could cause Recro’s actual performance to materially differ
from those expressed in the forward-looking statements set forth in
this press release include, without limitation: results and timing
of the clinical trials of injectable meloxicam, the preparation and
filing of other portions of the drug application, including CMC,
the ability to obtain and maintain regulatory approval of
injectable meloxicam and, and the labeling under any such approval,
regulatory developments in the United States and foreign countries;
the Company’s ability to achieve its financial goals, including
financial guidance; the Company’s ability to raise future financing
for continued development and the payment of milestones; the
Company’s ability to pay its debt; customer product performance and
ordering patterns, the performance of third-party suppliers and
manufacturers; the Company’s ability to obtain, maintain and
successfully enforce adequate patent and other intellectual
property protection; and the successful commercialization of
injectable meloxicam. In addition, the forward looking statements
in this press release should be considered together with the risks
and uncertainties that may affect Recro’s business and future
results included in Recro’s filings with the Securities and
Exchange Commission at www.sec.gov. Recro assumes no obligation to
update any such forward looking statements.
CONTACT:
Investor Relations Contact:
Argot Partners
Susan Kim/Natalie Wildenradt
(212) 600-1902
susan@argotpartners.com
natalie@argotpartners.com
Recro Pharma, Inc.
Michael Celano
(484) 395-2413
mcelano@recropharma.com
Media Contact:
Argot Partners
Eliza Schleifstein
(973) 361-1546
eliza@argotpartners.com
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