MALVERN, Pa., July 20, 2015 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (Nasdaq:REPH), a revenue generating specialty pharmaceutical company developing multiple non-opioid therapeutics for the treatment of acute post operative pain, today announced the appointment of Scott Rizzo as General Manager of the Company's contract manufacturing facility located in Gainesville, Georgia.
"Scott brings 25 years of experience and a seasoned manufacturing background to Recro Pharma at an important and exciting time for the Company," said Gerri Henwood, Recro Pharma's President and Chief Executive Officer. "He has a proven track record in managing, growing and developing product operations, including manufacturing and distribution. Recro's Gainesville facility generates important cash flow for future manufacturing and product opportunities and we believe Scott's contributions will be invaluable as we work to maximize these opportunities."
Mr. Rizzo joins Recro Pharma from J. Knipper where he served as General Manager. Prior to J. Knipper, he was employed by Welmedix Consumer Healthcare where he served as Vice President, Manufacturing, Supply Chain and Quality Control. Prior to Welmedix, Mr. Rizzo held a number of senior consulting positions in Manufacturing and Supply Chain after he served as Vice President and Global Head of Supply Chain Operations at Barrier Therapeutics. In this role, he was responsible for guiding the supply chain and trade group at Barrier through multiple global product launches and life-cycle line extensions, all while mitigating the risk and cost of work in process and finished goods. Mr. Rizzo led cross-functional teams to improve speed to market and balance global inventory models all under a strict GMP environment. Prior to Barrier Therapeutics, Mr. Rizzo served as Director of North American Supply Chain for Hoffmann-La Roche. Prior to that, he was a consultant for Coopers & Lybrand and PriceWaterhouseCoopers, LLP where he led multiple successful engagements at top tier pharmaceutical companies and directed value chain initiatives. Mr. Rizzo is a graduate of Pennsylvania State University where he received both his Masters in Business Administration and his Masters of Manufacturing Management. He is a member of the Rutgers University Graduate Center for Supply Chain Studies and is on the Alumni Advisory Board for Pennsylvania State University.
Inducement Equity Award
In connection with the hiring of Mr. Rizzo, Recro Pharma's Compensation Committee approved a grant to Mr. Rizzo of a stock option to purchase 30,000 shares of Recro Pharma's common stock. The option was granted pursuant to the NASDAQ inducement grant exception as a component of Mr. Rizzo's employment compensation, and was granted as an inducement material to Mr. Rizzo's acceptance of employment with Recro Pharma in accordance with NASDAQ Listing Rule 5635(c)(4). The option will have an exercise price equal to the closing price of Recro Pharma's common stock on Monday, July 20, 2015. The option has a ten year term and vests over four years, with 25% of the original number of shares vesting on July 20, 2016 and the remaining 75% of the original number of shares vesting in equal monthly installments over the three years thereafter, subject to Mr. Rizzo's continued service with Recro Pharma through the applicable vesting dates.
About Recro Pharma, Inc.
Recro Pharma is a revenue generating specialty pharmaceutical company developing multiple non-opioid therapeutics for the treatment of acute post operative pain. Recro Pharma is currently developing IV/IM meloxicam, a proprietary, Phase III-ready, long-acting preferential COX-2 inhibitor, and Dex-IN, a proprietary intranasal formulation of dexmedetomidine that has completed Phase II clinical trials, for the treatment of acute post operative pain. 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.
Recro Pharma also owns and operates an 87,000 square foot, DEA-licensed facility that manufactures five commercial products and receives royalties associated with the sales of these products.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements reflect Recro Pharma's expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Recro Pharma or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information available to Recro Pharma as of the date of this press release and are subject to a number of risks, uncertainties, and other factors that could cause Recro Pharma's performance to differ materially from those expressed in, or implied by, these forward-looking statements. Recro Pharma assumes no obligation to update any such forward-looking statements. Factors that could cause Recro Pharma's actual performance to materially differ from those expressed in the forward-looking statements set forth in this press release include, without limitation: results and timing of the clinical trials of IV/IM meloxicam and Dex-IN; the ability to obtain and maintain regulatory approval of IV/IM meloxicam and Dex-IN, and the labeling under any such approval; regulatory developments in the United States and foreign countries; the Company's ability to raise future financing for continued development; the performance of third-party suppliers and manufacturers; the Company's ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection; the successful commercialization of IV/IM meloxicam and Dex-IN. In addition, the forward-looking statements in this press release should be considered together with the risks and uncertainties that may affect Recro Pharma's business and future results included in Recro Pharma's filings with the Securities and Exchange Commission at www.sec.gov. Recro Pharma assumes no obligation to update any such forward looking statements.
CONTACT: Recro Pharma, Inc. Charles T. Garner Chief Financial Officer (484) 395-2425 Media and Investors: Argot Partners Susan Kim (212) 600-1902 firstname.lastname@example.orgSource:Recro Pharma