Recro Strengthens Business Development Team to Drive Customer Growth and Diversification

Rhea-AI Summary

Recro Pharma (NASDAQ: REPH) has expanded its business development team by adding six new members aimed at enhancing sales and marketing capabilities. This strategic move is designed to diversify Recro's customer base and drive sustainable growth. The company's current team now comprises 11 experienced professionals, leading to notable growth in customer onboarding and the expansion of existing contracts during Q1 2021. The company is committed to building momentum in the clinical trial services sector while addressing complex manufacturing challenges in the pharmaceutical market.

Positive

• Added six new members to the business development team, expanding capabilities.
• Significant growth achieved in customer base during Q1 2021.
• Diversification of customer base strengthens financial prospects.

Negative

• None.

Six Recent Hires Provide Broader Coverage and Expanded Capabilities in the Areas of Sales and Marketing

Significant Traction Already Achieved in First Months of 2021

MALVERN, Pa., April 05, 2021 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (“Recro”; NASD: REPH), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges for companies developing oral solid dose drug products, today announced significant recent progress in strengthening the company’s business development team to support its strategic objective of expanding and diversifying its customer base. In recent months, the company has added six new members to its business development team, including sales representatives for its emerging Clinical Trial Services (CTS) business, as well as regional representatives bolstering the company’s reach in critical life science markets in Northern and Southern California, Boston and the Midwest.

With these additions, Recro’s current business development team is comprised of 11 experienced professionals, led by longtime global sales and marketing executive, William Hirschman. The efforts of the expanded team have already driven considerable growth for Recro’s customer base during the first quarter of 2021, both through the expansion of the scope of work for several current customers, as well as the onboarding of a number of new customers.

“One of the core objectives of Recro as we move through 2021 and beyond is the achievement of meaningful and sustainable growth through the expansion and diversification of our customer base,” said Mr. Hirschman, Recro’s vice president of sales and marketing. “This goal is at the heart of the company’s forward-looking strategy, and the primary driver for our build out of the company’s business development team. I am pleased with the rapid success achieved in this area by this talented team of professionals. In just the first few months of 2021, these individuals have helped successfully drive significant growth in both our core commercial business, as well as our newer clinical trial materials and related services offering. We have great confidence in the team we have assembled and believe they have the talent and commitment to build on this momentum in the years to come.”

About Recro
Recro (NASD: REPH) is a contract development and manufacturing organization (CDMO) with capabilities from early feasibility to commercial manufacturing. With an expertise in solving complex manufacturing problems, Recro is a CDMO providing oral solid dosage form development, end-to-end regulatory support, clinical and commercial manufacturing, and packaging and logistics services to the global pharmaceutical market.

In addition to our experience in handling DEA controlled substances and developing and manufacturing modified release oral solid dosage forms, Recro has the expertise to deliver on our clients’ pharmaceutical development and manufacturing projects, regardless of complexity level. We do all of this in our best-in-class facilities, which total 120,000 square feet, in Gainesville, Georgia.

For more information about Recro’s CDMO solutions, visit recrocdmo.com.

Cautionary Statement Regarding Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements, among other things, relate to the Company’s ability to manage costs and to achieve its financial goals; to operate under increased leverage and associated lending covenants; to pay its debt under its credit agreement and to maintain relationships with CDMO commercial partners and develop additional commercial partnerships. The words “anticipate”, “believe”, “could”, “estimate”, “upcoming”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will” and similar terms and phrases may be used to identify forward-looking statements in this press release. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that could cause the Company’s actual outcomes to differ materially from those expressed in or underlying these forward-looking statements include the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the customer ordering patterns or inventory rebalancing or disruption in raw materials or supply chain; demand for the Company’s services, which depends in part on customers’ research and development and the clinical plans and market success of their products; customers’ changing inventory requirements and manufacturing plans; customers and prospective customers decisions to move forward with the Company’s manufacturing services; the average profitability, or mix, of the products the Company manufactures; the Company’s ability to enhance existing or introduce new services in a timely manner; fluctuations in the costs, availability, and suitability of the components of the products the Company manufactures, including active pharmaceutical ingredients, excipients, purchased components and raw materials, or the Company’s customers facing increasing or new competition. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results presented herein along with those risks and uncertainties discussed in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law.

 

 

FAQ

What recent developments occurred at Recro Pharma (REPH) in 2021?

Recro Pharma expanded its business development team by hiring six new members to enhance sales and marketing capabilities in early 2021.

How has Recro Pharma's customer base changed in 2021?

Recro Pharma achieved significant growth in its customer base during the first quarter of 2021, both by expanding existing contracts and onboarding new customers.

What is Recro Pharma's strategy for 2021 and beyond?

Recro Pharma's strategy focuses on achieving meaningful and sustainable growth through the expansion and diversification of its customer base.

Who leads Recro Pharma's business development team?

The business development team at Recro Pharma is led by William Hirschman, a seasoned global sales and marketing executive.