Proceeds used for phase 2b bunionectomy trial, preclinical studies
By Devika Patel
Knoxville, Tenn., March 11 - Recro Pharma, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal's $4.5 million greenshoe in full, lifting total proceeds to $34.5 million. The deal was announced Oct. 24 and priced for $30 million with the greenshoe on March 7.
The company will sell 4,312,500 common shares at $8.00 per share. Of the shares, 562,500 are part of the fully exercised greenshoe.
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: | $34.5 million, including $4.5 million greenshoe
|
| Shares: | 4,312,500
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunner: | 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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