Recro Pharma Appoints Michael Celano as Chief Financial Officer
July 05 2016 - 7:00AM
Recro Pharma, Inc. (Nasdaq:REPH), a revenue generating specialty
pharmaceutical company developing multiple non-opioid therapeutics
for the treatment of pain, today announced the appointment of
Michael Celano as Chief Financial Officer, effective July 5, 2016.
“Mike is an accomplished financial executive
with significant expertise in the biopharmaceutical industry, and
we are delighted that he has decided to join the Recro team in this
key executive role,” said Gerri Henwood, Recro Pharma’s President
and Chief Executive Officer. “Our Company will benefit greatly from
his experience and capital markets acumen as we continue to advance
our portfolio of promising non-opioid therapeutics, including IV/IM
meloxicam and Dex-IN, for the treatment of post-operative pain. We
look forward to leveraging Mike’s proven financial leadership as we
advance through our next phase of growth.”
Mr. Celano brings to Recro more than 35 years of
financial leadership experience in the life sciences and
biopharmaceutical industries. He has served as CFO at Kensey Nash,
a Nasdaq listed medical device company and BioRexis, a venture
funded-life sciences company. Mr. Celano is also on the board of
Orasure Technologies (Nasdaq:OSUR). Mr. Celano has also served as
CFO of Makindus, a privately-held specialty pharmaceutical company,
and at Drugscan, a private equity funded provider of clinical
laboratory services. Prior to entering the biopharmaceutical
industry, Mr. Celano was a Partner at Arthur Andersen/KPMG, where
he worked from 1980 until 2004, and led its life sciences
practices. Mr. Celano received a bachelor’s degree in accounting
from St. Joseph’s University.
Inducement Equity Award
In connection with the hiring of Mr. Celano, the
Compensation Committee of Recro Pharma's Board of Directors
approved a grant to Mr. Celano of a stock option to purchase
140,000 shares of Recro Pharma's common stock. The option was
granted pursuant to the NASDAQ inducement grant exception as a
component of Mr. Celano’s employment compensation, and was granted
as an inducement material to his acceptance of employment with
Recro Pharma in accordance with NASDAQ Listing Rule 5635(c)(4).
The option will have an exercise price equal to the closing
price of Recro Pharma's common stock on July 5, 2016. The option
has a ten-year term and vests in equal monthly installments over
four years, subject to Mr. Celano’s continued service with Recro
Pharma through the applicable vesting dates.
About Recro Pharma, Inc.
Recro Pharma is a revenue generating specialty
pharmaceutical company focused on products for hospital and
ambulatory care settings that is 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, and Dex-IN, a proprietary intranasal formulation of
dexmedetomidine, for the treatment of peri-procedural pain. Both
compounds have successfully completed Phase II clinical trials. 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
This press release contains forward-looking
statements that involve risks and uncertainties. Such forward
looking statements reflect Recro Pharma'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 Pharma or
its management, are intended to identify such forward-looking
statements. These forward looking statements are based on
information available to Recro Pharma as of the date of this press
release and are subject to a number of risks, uncertainties, and
other factors that could cause Recro Pharma’s performance to differ
materially from those expressed in, or implied by, these forward
looking statements. Recro Pharma assumes no obligation to update
any such forward-looking statements. Factors that could cause Recro
Pharma’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 and Dex-IN; the ability to
obtain and maintain regulatory approval of injectable meloxicam and
Dex-IN, and the labeling under any such approval; regulatory
developments in the United States and foreign countries; the
Company’s ability to raise future financing for continued
development; the Company’s ability to pay its debt; 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 and Dex-IN. In addition,
the forward looking statements in this press release should be
considered together with the risks and uncertainties that may
affect Recro Pharma’s business and future results included in Recro
Pharma’s filings with the Securities and Exchange Commission at
www.sec.gov. Recro Pharma assumes no obligation to update any such
forward looking statements.
CONTACT:
Argot Partners
Susan Kim
(212) 600-1902
susan@argotpartners.com
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