Following U.S. Stocks are among the “Top Gainers” during Midday trade Tuesday: Recro Pharma, Inc. (NASDAQ:REPH), General Employment Enterprises Inc. (NYSEMKT:JOB)
Recro Pharma, Inc. (NASDAQ:REPH), jumped nearly 17.78% in an afternoon trade, and is now trading at $5.30, soon after Recro Pharma, Inc. (REPH), declared a definitive contract under which Recro Pharma will attain assets from Alkermes plc counting worldwide rights to IV/IM meloxicam, a proprietary, Phase III-ready, long-acting COX-2 NSAID for moderate to severe acute pain, in addition to a contract manufacturing facility, royalty and formulation business in Gainesville, GA.
Under the terms of the contract, Recro Pharma will pay Alkermes $50 million at closing, and gain the rights to IV/IM meloxicam and ownership of a GMP manufacturing facility and related business located in Gainesville, GA. Alkermes is entitled to receive up to an additional $120 million in milestone payments upon the achievement of certain regulatory and net sales milestones and royalties, in each case, related to IV/IM meloxicam. At closing, Recro Pharma will issue Alkermes a seven-year warrant to purchase an aggregate of 350,000 shares of Recro Pharma ordinary stock. The $50 million up-front payment will be funded via a five-year senior secured term loan with an associate of OrbiMed. The attainment is subject to customary closing conditions, counting antitrust regulatory approval, and is anticipated to close in the second quarter of 2015.
“This transaction is transformative for Recro Pharma, as it brings together two complementary therapies for treating moderate to severe acute pain, IV meloxicam and our lead product Dex-IN, in addition to a commercial manufacturing infrastructure that will add scale and capability and may, over time, provide cash flow to fund development of our pipeline,” said Gerri Henwood, Recro Pharma’s President and Chief Executive Officer. “This transaction was funded through a minimally dilutive transaction with OrbiMed and we believe this transaction represents a noteworthy endorsement of Recro. We look forward to the forthcoming interim results and predictable mid 2015 top-line data readout of our Post Op Day 1 Phase II trial of Dex-IN, to the potential of moving one or both of these programs into Phase III by year end and to realizing value from our new manufacturing capabilities.”
Recro Pharma is a clinical stage specialty pharmaceutical corporation developing non-opioid therapeutics for the treatment of acute post operative pain. Recro Pharma’s lead product candidate, Dex-IN, is a proprietary intranasal formulation of dexmedetomidine and has accomplished multiple clinical trials in which Dex-IN was well tolerated.
On the other hand, General Employment Enterprises Inc. (NYSEMKT:JOB), inclined nearly 11.93% during its midday trade, and is now trading at $1.22.
Formerly on March 5, General Employment Enterprises, Inc. (NYSE MKT: JOB), a public staffing solutions provider will present at the Roth Capital Conference on March 10, 2015 at the Ritz Carlton Laguna Niguel hotel at 4:00 pm. The annual ROTH Conference brings together public and private companies in addition to about 1,000 investors in Dana Point, CA. from March 8-11, 2015. It is one of the largest of its kind in the U.S. The event provides attendees with investment ideas across a wide variety of sectors, counting business services. The conference will feature corporation presentations, Q&A sessions, expert panels and thousands of administration one-on-one and small group meetings. Incoming Chief Executive Officer (CEO), Derek Dewan will present with Chief Financial Officer (CFO) and Interim CEO, Andrew Norstrud. They will provide the investment community with an overview of General Employment’s aggressive growth strategy, operations, financial position and value proposition. Mr. Dewan and Mr. Norstrud will be accessible for one-on-one meetings during the three-day conference.
General Employment Enterprises, Inc. is a provider of specialized staffing solutions and was incorporated in the State of Illinois in 1962 and is the successor to employment offices doing business since 1893. The Corporation operates in two industry segments, providing professional staffing services and solutions and light industrial staffing services through the names of General Employment, Ashley Ellis, Triad and Omni-One.
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