Proceeds used for phase 2b bunionectomy trial, preclinical studies
By Devika Patel
Knoxville, Tenn., March 7 - Recro Pharma, Inc. said it priced its $30 million initial public offering of stock with a $4.5 million greenshoe. The deal was announced Oct. 24.
The company will sell 3.75 million common shares at $8.00 per share.
Aegis Capital Corp. is the bookrunning manager.
Settlement is expected March 12.
Proceeds will be used for the phase 2b bunionectomy trial, preclinical studies, two phase 3 pivotal trials, safety clinical trials and manufacturing work for Dex-IN, working capital needs and other general corporate purposes.
The clinical-stage specialty pharmaceutical company is based in Malvern, Pa. The company expects its shares will trade on the Nasdaq under the symbol "REPH."
| Issuer: | Recro Pharma, Inc.
|
| Issue: | Common stock
|
| Amount: | $30 million
|
| Greenshoe: | $4.5 million
|
| Shares: | 3.75 million
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunners: | Aegis Capital Corp.
|
| Co-manager: | Brean Capital
|
| Announcement date: | Oct. 24
|
| Pricing date: | March 7
|
| Settlement date: | March 12
|
| Stock exchange: | Nasdaq: REPH
|
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