Investors purchase 1,379,311 common shares at $11.60 per share
By Devika Patel
Knoxville, Tenn., July 1 – Recro Pharma, Inc. said it has negotiated a $16 million private placement of stock.
The company will sell 1,379,311 common shares at $11.60 per share. The price per share is a 10.22% discount to the June 30 closing share price of $12.92.
Settlement is expected July 7.
Proceeds will be used for clinical development and general corporate purposes.
The clinical-stage specialty pharmaceutical company is based in Malvern, Pa.
| Issuer: | Recro Pharma, Inc.
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| Issue: | Common stock
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| Amount: | $16 million
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| Shares: | 1,379,311
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| Price: | $11.60
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| Warrants: | No
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| Pricing date: | July 1
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| Settlement date: | July 7
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| Stock symbol: | Nasdaq: REPH
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| Stock price: | $12.92 at close June 30
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| Market capitalization: | $102.42 million
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