Recro Pharma Raises $16 Million

Recro Pharma, Inc., a specialty pharmaceutical company developing multiple non-opioid therapeutics for the treatment of acute post-operative pain, has closed the 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 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.