Recro Reports Inducement Grants For New Staff
October 06 2021 - 7:00AM
Recro Pharma, Inc. (“Recro”; NASD: REPH), a contract development
and manufacturing organization (CDMO) dedicated to solving complex
formulation and manufacturing challenges primarily in small
molecule therapeutic development, today announced the expansion of
its team through the addition of new employees to support product
development, business development, quality, technical operations,
functional support roles and to enhance leadership in the company’s
San Diego operations.
Notably, Recro has appointed Tim Bourque as vice
president and head of operations for Recro San Diego. Mr. Bourque
joins Recro from Ajinomoto Bio-Pharma Services, where he was most
recently senior director of supply chain and facilities. In this
role, he had leadership responsibility for the company’s U.S.
supply chain, warehouse, facilities, packaging and fill/finish
visual inspection operations. He also served as the site head at
one of Ajinomoto Bio-Pharma Services’ three San Diego locations.
During his career, Mr. Bourque has also held key supply chain and
logistics positions with leading CDMO and biopharmaceutical
companies including Lonza, Althea, Shire Human Genetic Therapies,
and Ipsen. In his new role with Recro, he will support the
continued successful integration of Recro and IriSys, while also
leading the Recro San Diego site to drive growth and support
customer excellence.
“We are happy to welcome all new Recro employees
to the team as we continue our mission to build a leading CDMO
providing a wide range of therapeutic dosage form development,
end-to-end regulatory support, clinical and commercial
manufacturing, and packaging and logistics services to the global
biopharmaceutical market,” said David Enloe, chief executive
officer of Recro. “Our recent acquisition of IriSys is a key
element of this strategy and Tim will play a central role in
helping complete the ongoing integration of the companies, as well
as leading activities at the new Recro San Diego site moving
forward. We are committed to building the strongest possible
leadership structure across the entire Recro organization and Tim’s
appointment advances this goal by bringing critical experience to
help further strengthen our talented San Diego-based team.”
Inducement Equity Award
In connection with the hiring of these
personnel, the compensation committee of Recro’s board of directors
approved inducement stock option grants to purchase an aggregate of
161,960 shares of Recro’s common stock. The option 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 in accordance with NASDAQ Listing Rule
5635(c)(4). The option awards were granted on September 30, 2021.
The option awards will have an exercise price equal to the closing
price of Recro’s common stock on September 30, 2021 and a ten-year
term and will vest in equal monthly installments over four years.
The option awards are subject to each individual’s continued
service with Recro through the applicable vesting dates.
About RecroRecro (NASD: REPH)
is a bi-coastal contract development and manufacturing organization
(CDMO) with capabilities spanning pre-Investigational New Drug
(IND) development to commercial manufacturing and packaging for a
wide range of therapeutic dosage forms with a primary focus in the
area of small molecules. With an expertise in solving complex
manufacturing problems, Recro is a leading CDMO providing
therapeutic development, end-to-end regulatory support, clinical
and commercial manufacturing, aseptic fill/finish, lyophilization,
packaging and logistics services to the global pharmaceutical
market.
In addition to our experience in handling DEA
controlled substances and developing and manufacturing modified
release dosage forms, Recro has the expertise to deliver on our
clients’ pharmaceutical development and manufacturing projects,
regardless of complexity level. We do all of this in our
best-in-class facilities, which total 145,000 square feet, in
Gainesville, Georgia and San Diego, California.
For more information about Recro’s CDMO
solutions, visit recrocdmo.com.
Forward-Looking StatementsThis
press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements, among
other things, the Company’s expectations regarding the completion
of the proposed public offering, the Company’s use of proceeds from
the proposed offering, and other statements. The words
“anticipate”, “believe”, “could”, “estimate”, “upcoming”, “expect”,
“intend”, “may”, “plan”, “predict”, “project”, “will” and similar
terms and phrases may be used to identify forward-looking
statements in this press release. Our operations involve risks and
uncertainties, many of which are outside our control, and any one
of which, or a combination of which, could materially affect our
results of operations and whether the forward-looking statements
ultimately prove to be correct. Factors that could cause the
company’s actual outcomes to differ materially from those expressed
in or underlying these forward-looking statements include risks
that the results and potential of the combination IriSys’ business
with the company’s business may not be as anticipated; the
potential impact of the IriSys acquisition to the company's growth
strategy; risks and uncertainties associated with the ongoing
economic and social consequences of the COVID-19 pandemic,
including any adverse impact on the customer ordering patterns or
inventory rebalancing or disruption in raw materials or supply
chain; demand for the company’s services, which depends in part on
customers’ research and development and the clinical plans and
market success of their products; customers’ changing inventory
requirements and manufacturing plans; customers and prospective
customers decisions to move forward with the company’s
manufacturing services; the average profitability, or mix, of the
products the company manufactures; the company’s ability to enhance
existing or introduce new services in a timely manner; fluctuations
in the costs, availability, and suitability of the components of
the products the company manufactures, including active
pharmaceutical ingredients, excipients, purchased components and
raw materials, or the company’s customers facing increasing or new
competition. These forward-looking statements should be considered
together with the risks and uncertainties that may affect our
business and future results presented herein along with those risks
and uncertainties discussed in our filings with the Securities and
Exchange Commission at www.sec.gov. These forward-looking
statements are based on information currently available to us, and
we assume no obligation to update any forward-looking statements
except as required by applicable law.
Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
Ryan D. Lake (CFO)
Recro
(770) 531-8365
ryan.lake@recroCDMO.com
Recro Pharma (NASDAQ:REPH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Recro Pharma (NASDAQ:REPH)
Historical Stock Chart
From Apr 2023 to Apr 2024