Recro Pharma, Inc. (NASDAQ:REPH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March2, 2017, Dr.Abraham Ludomirski, a member of the Board of
Directors (the Board) of Recro Pharma, Inc. (the
Company), notified the Company of his intention to resign
from the Board effective March3, 2017. Dr.Ludomirskis decision to
resign did not result from any disagreement with the Company on
any matter relating to the Companys operations, policies or
practices.
Upon the recommendation of the Nominating and Corporate
Governance Committee of the Board, on March3, 2017, the Board
appointed Bryan M. Reasons as a Class II director to fill the
vacancy on the Board. Mr.Reasons will stand for re-election with
the other Class II directors at the Companys 2019 annual meeting
of shareholders. The Board has determined that Mr.Reasons is an
independent director under the applicable NASDAQ rules. There are
no arrangements or understandings between Mr.Reasons and any
other person to which he was selected as a director.
In accordance with the customary compensation arrangements for
the Companys non-employee directors, the Board approved a grant
to Mr.Reasons of an option to purchase 20,000 shares of the
Companys common stock under the Recro Pharma, Inc. Amended and
Restated Equity Incentive Plan. The stock options have a ten-year
term subject to earlier termination and an exercise price equal
to $7.63 per share, which was the closing price of the Companys
common stock on the NASDAQ Capital Market on March3, 2017. The
stock options vest annually in equal proportions over a period of
three years beginning on March3, 2017. In accordance with the
Companys non-employee director compensation arrangement,
Mr.Reasons will also receive an annual base cash retainer of
$40,000 and an annual award of an amount of restricted stock
units equal to $70,000, vesting on the first anniversary of the
date of grant.
There are no family relationships between Mr.Reasons and any
director or executive officer of the Company, and he has no
direct or indirect material interest in any transaction required
to be disclosed to Item404(a) of Regulation S-K.
| Item8.01 | Other Events. |
On March6, 2017, the Company issued a press release announcing
the resignation of Dr.Ludomirski from the Board and the
appointment of Mr.Reasons as a director. A copy of the press
release is filed as Exhibit 99.1 to this Current Report on Form
8-K and is incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
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Exhibit No. |
Document |
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| 99.1 | Press release of Recro Pharma, Inc., dated March 6, 2017. |
About Recro Pharma, Inc. (NASDAQ:REPH)
Recro Pharma, Inc. is a clinical-stage specialty pharmaceutical company. The Company is engaged in developing products for hospitals and ambulatory care settings that is developing non-opioid products for treatment of serious acute pain. The Company’s lead product candidate is an injectable form of meloxicam. Its product candidates for pain indications include injectable meloxicam, a product candidate in development for the treatment of acute post-operative pain; Dex-IN, a product candidate under development for the treatment of post-operative pain; Dex-SL, a product candidate for the treatment of chronic pain, and Fadolmidine (Fado), a product candidate used by injection into the spine for pain associated with surgery or certain types of chronic pain and which the Company pursues as a topical product for local application to treat serious pain associated with nerve damage to local tissues (neuropathies), especially of the lower extremities, which can occur in diabetic patients. Recro Pharma, Inc. (NASDAQ:REPH) Recent Trading Information
Recro Pharma, Inc. (NASDAQ:REPH) closed its last trading session up +0.05 at 7.68 with 32,524 shares trading hands.