MALVERN, Pa., Dec. 16, 2016 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (Nasdaq:REPH), a revenue-generating, specialty pharmaceutical company primarily focused on developing innovative products for hospitals and ambulatory care settings, today announced the closing of the previously announced public offering, reflective of 6,670,000 shares of its common stock at the public offering price of $6.00 per share.

The net proceeds to Recro from this offering were approximately $36.9 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Recro. Recro intends to use the net proceeds of the proposed offering to fund the NDA filing and regulatory approval process and preparatory commercial activities for IV meloxicam, its planned IV meloxicam Phase IIIB program, and for general corporate purposes.

Piper Jaffray & Co. acted as sole book-running manager and representative of the underwriters for the offering. Janney Montgomery Scott and ROTH Capital Partners acted as co-managers for the offering.

About Recro Pharma, Inc.

Recro is a revenue-generating, specialty pharmaceutical company primarily focused on developing innovative products for hospitals and ambulatory care settings. The Company’s lead product candidate, injectable meloxicam, is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor that has successfully completed four Phase II clinical trials in the treatment of moderate to severe postoperative pain, and two pivotal Phase III clinical trials in patients following bunionectomy and abdominoplasty surgeries. As injectable meloxicam is not in the opioid class of drugs, the Company believes it will overcome many of the issues associated with commonly prescribed opioid therapeutics, including addiction, misuse/diversion, respiratory distress and constipation while maintaining analgesic, or pain relieving, effect.