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Recro Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional SharesUnderwriters’ Full Exercise of Option Brings Gross Proceeds to $34.5 Million EXTON, Pa., May 14, 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 closing of its previously announced underwritten public offering of 15,333,332 shares of its common stock, including 1,999,999 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares to cover over-allotments, at a public offering price of $2.25 per share. The gross proceeds to Recro from this offering are approximately $34.5 million, before underwriting discounts and commissions and estimated offering expenses. Recro intends to use the net proceeds from the offering for general corporate purposes, which may include repayment of a portion of outstanding debt and future acquisitions. Recro does not have immediate arrangements, commitments or understandings regarding any future acquisitions. William Blair & Company, L.L.C. acted as sole book-running manager for the offering and Craig-Hallum Capital Group acted as co-manager for the offering. The securities described above were offered by Recro pursuant to a shelf registration statement on Form S-3 (File No. 333-229734) that became effective on March 21, 2019. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering has been filed with the Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may also be obtained for free from the offices of William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, via telephone at (800) 621-0687 or via email at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer o buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Recro 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. Forward-Looking Statements Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 [email protected] Tim Brons (Media) Vida Strategic Partners 415-675-7402 [email protected] Ryan D. Lake (CFO) Recro (484) 395-2436 [email protected] |