MALVERN, Pa., Dec. 29, 2017 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (Nasdaq:REPH), a revenue generating specialty pharmaceutical company focused on therapeutics for hospital and other acute care settings, today announced the appointment of a new employee to the acute care commercialization team. In connection with this hiring, the Compensation Committee of Recro Pharma’s Board of Directors approved inducement stock option grants to purchase an aggregate of 10,000 shares of Recro Pharma’s common stock. The equity awards were granted pursuant to the NASDAQ inducement grant exception as a component of the individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Recro Pharma in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards were granted on December 29, 2017 and will have an exercise price equal to the closing price of Recro Pharma's common stock on December 29, 2017. The options have a ten year term and vest in equal monthly installments over four years. The equity awards are subject to the 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 at the Company’s Gainesville facility. 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 30mg has successfully completed two pivotal Phase III clinical efficacy trials in patients following bunionectomy and abdominoplasty surgeries, a large double blind Phase III safety trial, four Phase II clinical trials for the management of moderate to severe post-operative pain, as well as other safety studies. 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.