MALVERN, PA — Recro Pharma, Inc. (NASDAQ: REPH), a high-performing, revenue-generating contract development and manufacturing organization (CDMO), announced that it has completed the spin out of its Acute Care segment, Baudax Bio. Baudax Bio common stock will begin “regular way” trading on Friday, November 22, 2019, under the symbol “BXRX” on the Nasdaq Capital Market.
On November 13, 2019, Recro announced that its board of directors approved the separation of Baudax Bio and Recro and declared a special dividend distribution of one share of Baudax Bio common stock for every two and one half shares of Recro common stock held as of the close of business on November 15, 2019, the record date for the distribution.
Recro is executing on its strategy to drive growth and build on the strength and commercial success of its CDMO business. Recro’s 2019 year to date revenues of $82 million represent growth of 37% year-over-year, generating $4.8 million in cash from operations in the third quarter of 2019. The Company recently raised its full year 2019 revenue guidance to be in the range of $98-100 million and is now guiding for its 2019 operating income to be the range of $40-44 million.
Gerri Henwood, President and Chief Executive Officer of Recro, stated, “Today marks a new chapter for Recro, one that enhances our strong CDMO business and enables an additional focus on our core objectives of delivering on revenue growth and profitability for our shareholders. We are well positioned to deliver on our strategic goals of increasing our customer base, signing new contracts, maximizing our facility’s capacity while focused on quality, and growing our overall leadership position within the CDMO landscape.”
Experienced Leadership Team
Recro is led by a team of pharmaceutical industry veterans, certain of whom will initially split their time between Recro and Baudax Bio, including:
- Gerri Henwood, President and Chief Executive Officer, who brings over three decades of senior leadership experience in biopharmaceuticals, healthcare and life sciences, including as Founder, President and CEO of Recro, Auxilium Pharmaceuticals, and IBAH services.
- Ryan D. Lake, Chief Financial Officer, who brings nearly twenty years of senior financial leadership experience. Mr. Lake has served as Chief Financial Officer of Recro since January 2018. Prior to that, he served in executive leadership positions at Aspire Bariatrics, Inc., DSM Biomedical, and Kensey Nash Corporation.
- Scott Rizzo, Executive Vice President and General Manager, who brings over 25 years of leadership experience and operational excellence and has been instrumental in developing the client-focused culture at the Company. Mr. Rizzo has had full profit and loss responsibility for the business since joining in 2015 and has been instrumental in driving strategic initiatives designed to yield continued business growth, while prioritizing employee development and quality. Prior to joining Recro, Mr. Rizzo held various leadership positions at a variety of pharmaceutical businesses and consulting organizations, including Roche Pharmaceuticals, Barrier Therapeutics, J. Knipper, DuPont, and PricewaterhouseCoopers.
Source: Recro Pharma, Inc., 490 Lapp Road, Malvern PA 19355
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