During Monday’s current trade, Recro Pharma, Inc. (NASDAQ:REPH)’s shares surged 29.99% to $14.52, hitting its highest level today, after Recro Pharma, Inc. (REPH), declared the completion of its formerly declared attainment of assets from Alkermes plc and its associates counting worldwide rights to IV/IM meloxicam, a proprietary, Phase III-ready, long-acting COX-2 NSAID for moderate to severe acute pain, and a contract manufacturing facility, royalty and formulation business.
Under the terms of the contract, Recro Pharma paid Alkermes $50 million up-front and obtained the rights to IV/IM meloxicam and ownership of a cGMP manufacturing facility and related business located in Gainesville, GA. In 2014, this facility generated over $70 million in unaudited proceeds. Alkermes is eligible to receive up to an additional $120 million in milestone payments upon the achievement of certain regulatory and net sales milestones and royalties, related to IV/IM meloxicam. At closing, Recro Pharma issued Alkermes a seven-year warrant to purchase an aggregate of 350,000 shares of Recro Pharma ordinary stock. The $50 million up-front payment was funded via a five-year senior secured term loan with an associate of OrbiMed. In conjunction with the term loan, Recro Pharma issued OrbiMed a seven-year warrant to purchase an aggregate of 294,928 shares of Recro Pharma ordinary stock.
Recro Pharma, Inc., a clinical stage specialty pharmaceutical company, engages in developing non-opioid therapeutics for the treatment of pain. The company is developing intranasal formulation of Dexmedetomidine (Dex) for the treatment of post-operative pain and cancer breakthrough pain; sublingual formulation of Dex to the treatment of chronic pain; and Fadolmidine(Fado) for post-operative and/or neuropathic pain. It has a license contract with Orion Corporation for the development and commercialization of Dex and Fado.
During an afternoon trade, Sysorex Global Holdings Corp. (NASDAQ:SYRX)’s shares climbed 22.62% to $1.85, after Sysorex declared that its Lilien Systems partner, has once again been named to The Channel Company’s CRN® Tech Elite 250. This annual list recognizes an elite group of IT solution providers that have invested in the training and education needed to earn the most advanced technical certifications from leading vendors. This is the third time that Lilien Systems has been named to the Tech Elite list.
In compiling the list, The Channel Company’s research group and CRN editors collaborated to assess the most customer-beneficial technical certifications in the IT channel. These technical certifications—from vendors counting Cisco, Citrix, Dell, EMC, HP, IBM, NetApp, Microsoft, VMware and Symantec, among others—have enabled solution providers to deliver an outstanding level of premium products, services and support to their North American customers.
Sysorex Global Holdings Corp., through its auxiliaries, provides data analytics and location based solutions and services to commercial and government customers worldwide. It operates through four segments: IT Commercial, IT Government, eSolutions, and Location-Based Technology. The IT Commercial segment provides enterprise computing and storage, Big Data products and services, virtualization, business continuity, networking and information technology business consulting services, and other related products and services.
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