Malvern’s Recro Pharma is looking to raise $15 million through a public stock offering. Most of the funds are earmarked for ongoing late stage testing of its new drug candidate, writes John George for Philadelphia Business Journal.
IV Meloxicam is Recro Pharma’s experimental treatment to relieve post operation pain. At present, the drug is in Phase-II trials which mark the last step before the company can submit the drug for FDA approval.
To raise the funds, the specialty pharmaceutical company is offering just under two million shares of its common stock priced at $7.50 a share. This follows Recro’s $16 million private stock sale last summer which was scooped up by a group of institutional investors led by Broadfin Capital.
Read more about this stock offering at Philadelphia Business Journal here, and check out previous VISTA Today coverage of Recro Pharma here.
