Recro Pharma Announces Commercial Team Additions
March 29 2018 - 4:05PM
Recro Pharma, Inc. (Nasdaq:REPH), a revenue generating specialty
pharmaceutical company focused on therapeutics for the
hospital and other acute care settings, today announced the
expansion of its team through the appointment of seven new
employees associated with acute care commercialization. The
individuals in this group bring an average of over 15 years of
hospital product launch and sales experience and have served in key
roles on a wide range of branded products at world class,
commercial stage organizations, including Allergan, Astellas,
Cubist, GlaxoSmithKline, Mallinckrodt, the Medicines Company,
Pacira and Sanofi, among several others.
Inducement Equity Awards
In connection with the hiring of these
personnel, the Compensation Committee of Recro Pharma’s Board of
Directors approved inducement grants of stock options to purchase
an aggregate of 55,000 shares of Recro Pharma’s common stock and
restricted stock units covering 2,500 shares of Recro Pharma’s
common stock. The equity awards were granted pursuant to the NASDAQ
Rule 5635(c)(4) 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. The option awards and restricted stock units
were granted on March 29, 2018 and the option awards will have an
exercise price equal to the closing price of Recro Pharma's common
stock on March 29, 2018. The options have a ten-year term and vest
in equal monthly installments over four years. 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 Pharma 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 in
Gainesville, GA. 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 two pivotal
Phase III clinical efficacy trials, a large double-blind
placebo-controlled Phase III safety trial, four Phase II clinical
efficacy trials, as well as other safety studies. In 2017, Recro
submitted the NDA for IV meloxicam to the FDA for review, it was
accepted by the FDA and there is a late May 2018 PDUFA date. 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: the Company’s ability to obtain and maintain
regulatory approval of IV meloxicam and the labeling under any such
approval; the Company’s ability to successfully launch and
commercialize IV meloxicam, if approved; results and timing of the
phase IIIb clinical trials of IV meloxicam; the extent to which IV
meloxicam, if approved, is accepted by the medical community,
including physicians, patients, health care providers and hospital
formularies; the availability of coverage and adequate and timely
reimbursement for IV meloxicam, if approved; the Company’s ability
to raise future financing for continued product development, IV
meloxicam commercialization and the payment of milestones; the
Company’s ability to achieve its financial goals, including
financial guidance; the Company’s ability to pay its debt;
regulatory developments in the United States and foreign countries;
customer product performance and ordering patterns, the performance
of third-party suppliers and manufacturers; and the Company’s
ability to obtain, maintain and successfully enforce adequate
patent and other intellectual property protection. 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.
CONTACT:
Investor Relations Contact:Argot PartnersSusan
Kim/Natalie Wildenradt(212)
600-1902susan@argotpartners.comnatalie@argotpartners.com
Recro Pharma, Inc.Michael Celano(484)
395-2413mcelano@recropharma.com
Media Contact:Argot PartnersDavid Rosen(212)
600-1902david.rosen@argotpartners.com
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