Recro Pharma, Inc., a revenue generating specialty pharmaceutical company, has announced the closing of private placement announced on July 1, 2015.
Pursuant to the securities purchase agreement with a group of institutional accredited investors led by Broadfin Capital, LLC, the Company issued 1,379,311 shares of common stock, providing the Company with gross proceeds of approximately $16 million. The purchase price for the common stock was $11.60 per share.
The Company intends to use the net proceeds of the financing to further fund the clinical development of Recro Pharma’s lead candidates, IV/IM meloxicam and Dex-IN, in addition to general corporate purposes.
View the full earnings release here.