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Recro Pharma has strengthened its leadership team by appointing Jim Miller to the board and Ryan D. Lake as CFO. Miller, a recognized CDMO thought leader, aims to guide Recro in expanding its contract development and manufacturing services. Lake brings over 20 years of financial experience. These strategic additions, alongside CEO David Enloe, underscore Recro's focus on growth in the CDMO market, particularly for solid oral dose drug products. The company seeks to enhance its external partnerships and leverage its expertise for significant business opportunities.
Recro (Nasdaq:REPH) announced an inducement award for new President and CEO David Enloe, consisting of 217,822 restricted stock units and an option to purchase 194,175 shares. This award, granted on December 15, 2020, aligns with NASDAQ rules and is significant for his employment acceptance. The stock units will vest in stages starting December 2021, with performance milestones for part of the award. The options have an exercise price of $3.03 and will vest monthly over four years, expiring December 15, 2030.
David Enloe has been appointed as President and CEO of Recro (Nasdaq:REPH), effective immediately, replacing Gerri Henwood. Enloe brings over 20 years of experience in biotechnology, clinical drug development, and GMP manufacturing. Previously, he led Ajinomoto Bio-Pharma Services, increasing revenues by over 50% in four years. Recro aims to capitalize on its strengths in commercial manufacturing and drug formulation under Enloe's leadership, focusing on strategic growth opportunities.
Recro (Nasdaq: REPH) announced a three-year renewal of its License and Supply Agreement with Lannett for manufacturing Verelan PM, Verelan SR, and Verapamil PM, including a $1.9 million upfront payment and $0.5 million annual licensing fees. The company reported Q3 2020 revenues of $19.3 million, a 24% increase from Q2, though down from $25.3 million y-o-y. Financial flexibility was enhanced through amendments to its credit agreement with Athyrium. Recro posted a Q3 net loss of $2.1 million, improved from a $4.3 million loss a year prior.
Recro Pharma (Nasdaq: REPH) will report its third quarter 2020 financial results on November 9, 2020, at 8:00 a.m. ET. The management team will host a conference call and audio webcast to discuss these results and recent operational highlights. Investors can access the call by dialing (844) 243-4691 or (225) 283-0379 for international participants. Recro specializes in contract development and manufacturing for oral solid dose drug products and has launched a new Clinical Trials Materials and Logistics business to enhance its service offerings.
Recro (Nasdaq:REPH), a prominent contract development and manufacturing organization, announced that CEO Gerri Henwood will present at the Oppenheimer Fall Healthcare Life Sciences & Medtech Summit on September 22, 2020, at 4:10 p.m. ET. A live webcast of the presentation will be accessible on Recro's Investors page, and a replay will be available for 30 days post-event. Recro specializes in the development and manufacturing of high-potency oral solid dose drug products, providing comprehensive solutions for its partners.
Recro Gainesville, Inc. (Nasdaq: REPH) announced its readiness to expand contract development and manufacturing operations. The company operates over 120,000 square feet of facilities, including a 97,000 square foot, DEA-licensed CDMO site. To enhance its capacity, Recro is installing a 400-liter high shear granulator and a 420-liter fluid bed dryer, expected to be operational by Q4 2020. Recro has a 20-year track record in solid oral drug product manufacturing, serving both large pharma and emerging life sciences companies, ensuring timely delivery and regulatory compliance.
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