Recro Reports Inducement Grants for New Staff

Recro Pharma

EXTON, PA — Recro Pharma, Inc. (NASDAQ: REPH) announced the recent expansion of its team through the addition of new employees to support product development, business development, quality, technical operations, functional support roles and to enhance leadership in the company’s San Diego operations.

Notably, Recro has appointed Tim Bourque as vice president and head of operations for Recro San Diego. Mr. Bourque joins Recro from Ajinomoto Bio-Pharma Services, where he was most recently senior director of supply chain and facilities. In this role, he had leadership responsibility for the company’s U.S. supply chain, warehouse, facilities, packaging and fill/finish visual inspection operations. He also served as the site head at one of Ajinomoto Bio-Pharma Services’ three San Diego locations. During his career, Mr. Bourque has also held key supply chain and logistics positions with leading CDMO and biopharmaceutical companies including Lonza, Althea, Shire Human Genetic Therapies, and Ipsen. In his new role with Recro, he will support the continued successful integration of Recro and IriSys, while also leading the Recro San Diego site to drive growth and support customer excellence.

“We are happy to welcome all new Recro employees to the team as we continue our mission to build a leading CDMO providing a wide range of therapeutic dosage form development, end-to-end regulatory support, clinical and commercial manufacturing, and packaging and logistics services to the global biopharmaceutical market,” said David Enloe, chief executive officer of Recro. “Our recent acquisition of IriSys is a key element of this strategy and Tim will play a central role in helping complete the ongoing integration of the companies, as well as leading activities at the new Recro San Diego site moving forward. We are committed to building the strongest possible leadership structure across the entire Recro organization and Tim’s appointment advances this goal by bringing critical experience to help further strengthen our talented San Diego-based team.”

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Inducement Equity Award

In connection with the hiring of these personnel, the Company stated that the compensation committee of Recro’s board of directors approved inducement stock option grants to purchase an aggregate of 161,960 shares of Recro’s common stock. The option awards were granted pursuant to the NASDAQ inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Recro in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards were granted on September 30, 2021. The option awards will have an exercise price equal to the closing price of Recro’s common stock on September 30, 2021 and a ten-year term and will vest in equal monthly installments over four years. The option awards are subject to each individual’s continued service with Recro through the applicable vesting dates.

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