Recro Reports Inducement Grants for New Staff
MALVERN, Pa., April 06, 2021 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (“Recro”; NASD: REPH), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges for companies developing oral solid dose drug products, today announced the expansion of its team through the addition of new employees primarily in the areas of analytical development, business development, sales and marketing to support our continued growth and customer diversification efforts.
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 98,843 shares of Recro’s common stock. The equity 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 March 31, 2021 and will have an exercise price equal to the closing price of Recro’s common stock on March 31, 2021. The options have a ten-year term and vest in equal monthly installments over four years. The equity awards are subject to each individual’s continued service with Recro through the applicable vesting dates.
In addition to our experience in handling DEA controlled substances and developing and manufacturing modified release oral solid 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 120,000 square feet, in Gainesville, Georgia.
For more information about Recro’s CDMO solutions, visit recrocdmo.com.
Cautionary Statement Regarding Forward Looking Statements
Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 firstname.lastname@example.org Tim Brons (Media) Vida Strategic Partners 415-675-7402 email@example.com Ryan D. Lake (CFO) Recro (484) 395-2436 ryan.lake@recroCDMO.com
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