MALVERN, Pa., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (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 pricing of an underwritten public offering of 1,986,666 shares of its common stock at a price of $7.50 per share.
All shares in the offering are being sold by Recro, with expected gross proceeds to Recro of approximately $15 million. The offering is expected to close on or about August 19, 2016, subject to the satisfaction of customary closing conditions.
Recro intends to use the net proceeds of the proposed offering to fund its ongoing Phase III pivotal clinical trial and safety studies of injectable meloxicam and for general corporate purposes.
Piper Jaffray & Co. is acting as sole book-running manager and representative of the underwriters for the offering. Janney Montgomery Scott is acting as co-manager for the offering.
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.
