Exhibit 99.1 Corporate Overview November 2019 1Exhibit 99.1 Corporate Overview November 2019 1


Forward Looking Statements This presentation 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, the Company’s ability to complete the spin out from Recro Pharma, Inc., uncertainty of whether the anticipated benefits of the spin-off can be achieved, risks of unexpected costs or delays in the Company’s ability to complete the spin-off, the Company’s ability to continue the development and commercialization of ANJESO™ (IV meloxicam), the Company’s ability to execute its strategic initiatives, the Company’s ability to adequately resolve the outstanding labeling issues with the FDA for IV meloxicam, and the time frame associated with any such resolution; the Company’s ability to raise future financing for continued product development and IV meloxicam commercialization; with regard to the Company’s clinical trial results, whether there may be changes in the interpretation by the FDA of the data of the Company’s clinical trials and the length, cost and uncertain results and timing of our ongoing clinical trials; with regard to the potential commercial opportunity of IV meloxicam, whether any FDA approval of IV meloxicam will include labeling restrictions and the potential that IV meloxicam does not receive regulatory approval or does not receive reimbursement by third party payors, that IV meloxicam is not accepted by the medical community, including physicians, patients, health care providers and hospital formularies or that a commercial market for IV meloxicam does not develop; the Company’s ability to manage costs and execute on its operational and budget plans, the Company’s ability to achieve its financial goals; and the Company’s ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will and similar terms and phrases may be used to identify forward-looking statements in this presentation. 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. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included 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. Non-Promotion: This presentation is intended to be non-promotional and for investor discussion purposes only. The information provided herein contains references to ANJESO™ (IV meloxicam), an investigational product. Use of IV meloxicam has not been approved by the FDA. The safety and efficacy of the investigational use of IV meloxicam has not been determined. There is no guarantee that IV meloxicam will be approved for marketing by any regulatory agency. 2 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Forward Looking Statements This presentation 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, the Company’s ability to complete the spin out from Recro Pharma, Inc., uncertainty of whether the anticipated benefits of the spin-off can be achieved, risks of unexpected costs or delays in the Company’s ability to complete the spin-off, the Company’s ability to continue the development and commercialization of ANJESO™ (IV meloxicam), the Company’s ability to execute its strategic initiatives, the Company’s ability to adequately resolve the outstanding labeling issues with the FDA for IV meloxicam, and the time frame associated with any such resolution; the Company’s ability to raise future financing for continued product development and IV meloxicam commercialization; with regard to the Company’s clinical trial results, whether there may be changes in the interpretation by the FDA of the data of the Company’s clinical trials and the length, cost and uncertain results and timing of our ongoing clinical trials; with regard to the potential commercial opportunity of IV meloxicam, whether any FDA approval of IV meloxicam will include labeling restrictions and the potential that IV meloxicam does not receive regulatory approval or does not receive reimbursement by third party payors, that IV meloxicam is not accepted by the medical community, including physicians, patients, health care providers and hospital formularies or that a commercial market for IV meloxicam does not develop; the Company’s ability to manage costs and execute on its operational and budget plans, the Company’s ability to achieve its financial goals; and the Company’s ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will and similar terms and phrases may be used to identify forward-looking statements in this presentation. 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. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included 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. Non-Promotion: This presentation is intended to be non-promotional and for investor discussion purposes only. The information provided herein contains references to ANJESO™ (IV meloxicam), an investigational product. Use of IV meloxicam has not been approved by the FDA. The safety and efficacy of the investigational use of IV meloxicam has not been determined. There is no guarantee that IV meloxicam will be approved for marketing by any regulatory agency. 2 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Company Highlights • Pharmaceutical company focused on developing and commercializing innovative products for acute care settings with late stage investigational product, ANJESO™ (IV meloxicam), targeting management of moderate to severe pain • ANJESO™ (IV meloxicam) – October 2019 – Appeal granted for the New Drug Application (NDA) – Significant Potential Commercial Opportunity • Multiple therapeutics in clinical development for acute care settings • Baudax Cash position – $19 million as of Separation Date; no debt • Experienced management team with significant development, regulatory and commercial experience 3 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Company Highlights • Pharmaceutical company focused on developing and commercializing innovative products for acute care settings with late stage investigational product, ANJESO™ (IV meloxicam), targeting management of moderate to severe pain • ANJESO™ (IV meloxicam) – October 2019 – Appeal granted for the New Drug Application (NDA) – Significant Potential Commercial Opportunity • Multiple therapeutics in clinical development for acute care settings • Baudax Cash position – $19 million as of Separation Date; no debt • Experienced management team with significant development, regulatory and commercial experience 3 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Spin-Off of Acute Care Business: Recro Pharma and Baudax Bio The spin-off is expected to be completed by the end of November Pre-spin-off structure Post-spin-off structure Recro Pharma, Inc. Recro (CDMO) Baudax Bio (Acute Care) (NASDAQCM:REPH) (NASDAQCM:REPH) (NASDAQCM:BXRX) Spin-Off Details § Gerri Henwood (current CEO) and Ryan Lake (current CFO) will Recro Gainesville Acute Care continue as executives of both businesses (CDMO) Business § 2.5 REPH Common Shares : 1 BXRX Common Share th § Record date – November 15 st § Distribution date – November 21 § Taxable Spin-Off 4Spin-Off of Acute Care Business: Recro Pharma and Baudax Bio The spin-off is expected to be completed by the end of November Pre-spin-off structure Post-spin-off structure Recro Pharma, Inc. Recro (CDMO) Baudax Bio (Acute Care) (NASDAQCM:REPH) (NASDAQCM:REPH) (NASDAQCM:BXRX) Spin-Off Details § Gerri Henwood (current CEO) and Ryan Lake (current CFO) will Recro Gainesville Acute Care continue as executives of both businesses (CDMO) Business § 2.5 REPH Common Shares : 1 BXRX Common Share th § Record date – November 15 st § Distribution date – November 21 § Taxable Spin-Off 4


Experienced Management & Launch Leadership Team Gerri Henwood – President and CEO Founded Recro Pharma (REPH), Auxilium Pharmaceuticals (AUXL – NASDAQ then Endo) and IBAH (NASDAQ then Omnicare); GSK Ryan Lake – Chief Financial Officer Greg Gangemi – Vice President, Sales, Trade & Market Access 20 years of senior financial and life sciences leadership Over 25 years of industry, launch and operations experience – experience – Recro Pharma (REPH), Aspire Bariatrics, DSM Recro, Sepracor/Sunovion, Cubist, Ferring and Ocular (DSM.AS) - DSM Biomedical, Kensey Nash (KNSY), Deloitte Therapeutix John Harlow – EVP and Chief Commercial Officer Janeese Carter – Senior Director, Marketing Over 20 years commercial launch and leadership experience – Over 15 years of marketing, market research, new business Recro, Novartis, Alpharma/King/Pfizer, Endo, Shionogi, Janssen strategy, and sales – Recro Pharma, CSL Behring, Pfizer/Wyeth Stewart McCallum, MD – Chief Medical Officer Paul Baddeley – Senior Director, Commercial Operations Board certified Urologist (Stanford & Weill Cornell) with 13 years 20 years of industry and consulting experience in commercial of industry experience at Recro Pharma and GSK operations & analytics – Recro, Collegium, IMS Health, Endo 5Experienced Management & Launch Leadership Team Gerri Henwood – President and CEO Founded Recro Pharma (REPH), Auxilium Pharmaceuticals (AUXL – NASDAQ then Endo) and IBAH (NASDAQ then Omnicare); GSK Ryan Lake – Chief Financial Officer Greg Gangemi – Vice President, Sales, Trade & Market Access 20 years of senior financial and life sciences leadership Over 25 years of industry, launch and operations experience – experience – Recro Pharma (REPH), Aspire Bariatrics, DSM Recro, Sepracor/Sunovion, Cubist, Ferring and Ocular (DSM.AS) - DSM Biomedical, Kensey Nash (KNSY), Deloitte Therapeutix John Harlow – EVP and Chief Commercial Officer Janeese Carter – Senior Director, Marketing Over 20 years commercial launch and leadership experience – Over 15 years of marketing, market research, new business Recro, Novartis, Alpharma/King/Pfizer, Endo, Shionogi, Janssen strategy, and sales – Recro Pharma, CSL Behring, Pfizer/Wyeth Stewart McCallum, MD – Chief Medical Officer Paul Baddeley – Senior Director, Commercial Operations Board certified Urologist (Stanford & Weill Cornell) with 13 years 20 years of industry and consulting experience in commercial of industry experience at Recro Pharma and GSK operations & analytics – Recro, Collegium, IMS Health, Endo 5


ANJESO™ (IV meloxicam) Update & Clinical Highlights 6 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.ANJESO™ (IV meloxicam) Update & Clinical Highlights 6 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


ANJESO™ (IV meloxicam) Overview • Oral product FDA approved, preferential COX-2 inhibitor; used in a number of indications • Proprietary non-opioid, long-acting IV form – Incorporates Alkermes’ NanoCrystal® technology • Once daily, long-acting, preferential COX-2 inhibitor for moderate to severe acute pain • Regulatory Status – October 2019 – Appeal granted for New Drug Application (NDA) – ANJESO™ tradename received tentative approval, pending final product approval – Company expects to resubmit NDA including labeling and updated safety data in Q4 • Formulation IP (Orange Book Listable) issued through 2022 and additional IP (also Orange Book Listable) issued through May 2030 ® NanoCrystal is a registered trademark of APIL 7 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.ANJESO™ (IV meloxicam) Overview • Oral product FDA approved, preferential COX-2 inhibitor; used in a number of indications • Proprietary non-opioid, long-acting IV form – Incorporates Alkermes’ NanoCrystal® technology • Once daily, long-acting, preferential COX-2 inhibitor for moderate to severe acute pain • Regulatory Status – October 2019 – Appeal granted for New Drug Application (NDA) – ANJESO™ tradename received tentative approval, pending final product approval – Company expects to resubmit NDA including labeling and updated safety data in Q4 • Formulation IP (Orange Book Listable) issued through 2022 and additional IP (also Orange Book Listable) issued through May 2030 ® NanoCrystal is a registered trademark of APIL 7 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


A Non-Opioid Alternative: ANJESO™ (IV meloxicam) Dosed once-daily, Well tolerated Significant COX-2 selective IV, for the * safety profile reduction in pain IV NSAID management of moderate to severe pain That can be Administered as a Evaluated in more Across hard and soft 1 1 incorporated into 1 30 mg IV push than 1400 patients tissue surgeries MMA protocols *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but involves inhibition of both COX-1 and COX-2 pathways. COX-1, cyclooxygenase 1; COX-2, cyclooxygenase 2; IV, intravenous; NSAID, nonsteroidal anti-inflammatory drug, MMA, multimodal analgesia. 1. Data on file. Recro Pharma, Inc. 8 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.A Non-Opioid Alternative: ANJESO™ (IV meloxicam) Dosed once-daily, Well tolerated Significant COX-2 selective IV, for the * safety profile reduction in pain IV NSAID management of moderate to severe pain That can be Administered as a Evaluated in more Across hard and soft 1 1 incorporated into 1 30 mg IV push than 1400 patients tissue surgeries MMA protocols *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but involves inhibition of both COX-1 and COX-2 pathways. COX-1, cyclooxygenase 1; COX-2, cyclooxygenase 2; IV, intravenous; NSAID, nonsteroidal anti-inflammatory drug, MMA, multimodal analgesia. 1. Data on file. Recro Pharma, Inc. 8 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


1 ANJESO™ Was Studied in More Than 1400 Surgical Patients Hard tissue Soft tissue 1 3 4 3 2 Bunionectomy Molar extraction Complex foot Abdominoplasty Gastrointestinal 3 2 Total hip Total knee Gynecologic Other soft tissue 2 2 replacement replacement 3 • Phase 2 efficacy and safety studies: bunionectomy, gynecologic, and molar extraction 1,4 • Phase 3 efficacy and safety studies: bunionectomy and abdominoplasty 3 • Phase 3 safety study: abdominoplasty, bunionectomy, complex foot, gastrointestinal, gynecologic, other soft tissue surgeries, and total hip and total knee replacements 1. Pollak RA et al. Clin J Pain. 2018;34(10):918-926. 2. Berkowitz RD et al. 2017 PAINWeek Conference; September 5-9, 2017. Poster 77. 3. Data on file. Recro Pharma, Inc. 4. Singla N et al. Plast Reconstr Surg Glob Open. 2018;6:e1846. 9 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.1 ANJESO™ Was Studied in More Than 1400 Surgical Patients Hard tissue Soft tissue 1 3 4 3 2 Bunionectomy Molar extraction Complex foot Abdominoplasty Gastrointestinal 3 2 Total hip Total knee Gynecologic Other soft tissue 2 2 replacement replacement 3 • Phase 2 efficacy and safety studies: bunionectomy, gynecologic, and molar extraction 1,4 • Phase 3 efficacy and safety studies: bunionectomy and abdominoplasty 3 • Phase 3 safety study: abdominoplasty, bunionectomy, complex foot, gastrointestinal, gynecologic, other soft tissue surgeries, and total hip and total knee replacements 1. Pollak RA et al. Clin J Pain. 2018;34(10):918-926. 2. Berkowitz RD et al. 2017 PAINWeek Conference; September 5-9, 2017. Poster 77. 3. Data on file. Recro Pharma, Inc. 4. Singla N et al. Plast Reconstr Surg Glob Open. 2018;6:e1846. 9 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


ANJESO™ Was Evaluated in the Largest Placebo-Controlled Safety Trial* Involving the Study of an IV NSAID to Date Procedures in a phase 3 safety study of 711 patients having major surgery *As of November 2019. Study date: May 2017. CABG, coronary artery bypass graft. 10 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.ANJESO™ Was Evaluated in the Largest Placebo-Controlled Safety Trial* Involving the Study of an IV NSAID to Date Procedures in a phase 3 safety study of 711 patients having major surgery *As of November 2019. Study date: May 2017. CABG, coronary artery bypass graft. 10 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


ANJESO™ Demonstrated Low Overall Rates of Adverse Events Across All Phase 3 Studies ANJESO™ 30 mg + Placebo + Rescue Rescue (n=748) (n=393) Adverse Reactions Occurring in % (n) % (n) ≥3% of Patients Any adverse reaction 441 (59.0%) 253 (64.4%) Nausea 173 (23.1%) 118 (30.0%) Headache 41 (5.5%) 42 (10.7%) Constipation 57 (7.6%) 24 (6.1%) ANJESO™ (n)= 748 Vomiting 35 (4.7%) 33 (8.4%) Pruritus 29 (3.9%) 15 (3.8%) 11 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.ANJESO™ Demonstrated Low Overall Rates of Adverse Events Across All Phase 3 Studies ANJESO™ 30 mg + Placebo + Rescue Rescue (n=748) (n=393) Adverse Reactions Occurring in % (n) % (n) ≥3% of Patients Any adverse reaction 441 (59.0%) 253 (64.4%) Nausea 173 (23.1%) 118 (30.0%) Headache 41 (5.5%) 42 (10.7%) Constipation 57 (7.6%) 24 (6.1%) ANJESO™ (n)= 748 Vomiting 35 (4.7%) 33 (8.4%) Pruritus 29 (3.9%) 15 (3.8%) 11 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Commercial Opportunity 12 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Commercial Opportunity 12 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


IV Pain Management Opportunity 50 Million Few $6 Billion Complex Alternatives Market Procedures 13 13IV Pain Management Opportunity 50 Million Few $6 Billion Complex Alternatives Market Procedures 13 13


Defining Our Market Large Addressable Patient Opportunity Core Procedures: Belly, Bowel & Bones 29 Million Patients* % by Specialty 2.0 17% 6.9 20% 9.0 33% 11 30% ASCs HOPD Hospital IP ED Ortho GenSurg GI / CRS Inpatient Other Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO™ use is anticipated. ASCs = Ambulatory Surgical Centers, HOPD = Hospital Outpatient Department, IP = Inpatient, ED = Emergency Department, GI / CRS = Gastrointestinal / Colorectal Surgeons 14 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Defining Our Market Large Addressable Patient Opportunity Core Procedures: Belly, Bowel & Bones 29 Million Patients* % by Specialty 2.0 17% 6.9 20% 9.0 33% 11 30% ASCs HOPD Hospital IP ED Ortho GenSurg GI / CRS Inpatient Other Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO™ use is anticipated. ASCs = Ambulatory Surgical Centers, HOPD = Hospital Outpatient Department, IP = Inpatient, ED = Emergency Department, GI / CRS = Gastrointestinal / Colorectal Surgeons 14 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Opioids Dominate the IV Pain Market 1 # of Inpatients Treated For Top 10 Surgical Procedures Treated With Selected IV Analgesics 8 7.1 7 6 5 73% of inpatients treated with IV analgesia 1 3.9 received IV opioid monotherapy 4 3 2.1 2 1.3 1.4 0.7 0.8 1 0.5 0 Opioids Local Anesthetics Ketorolac Ofirmev Patients Days Of Therapy Sources: Truven Health Analytics 2014. 1. Shaffer EE, et al. Adv Ther. 2016;33:2211–2228. 15 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA. Patients or DOTs (Millions)Opioids Dominate the IV Pain Market 1 # of Inpatients Treated For Top 10 Surgical Procedures Treated With Selected IV Analgesics 8 7.1 7 6 5 73% of inpatients treated with IV analgesia 1 3.9 received IV opioid monotherapy 4 3 2.1 2 1.3 1.4 0.7 0.8 1 0.5 0 Opioids Local Anesthetics Ketorolac Ofirmev Patients Days Of Therapy Sources: Truven Health Analytics 2014. 1. Shaffer EE, et al. Adv Ther. 2016;33:2211–2228. 15 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA. Patients or DOTs (Millions)


Limited Acute Pain Relief Options for Patients Pain Severity* Class Compounds Advantages Disadvantages Antipyretic properties; Oral & IV; no Acetaminophen Only effective for mild pain; short acting opioid related AEs Mild Mild to moderate analgesia; oral & IV; Bleeding risk; GI and renal complications; Ketorolac, ibuprofen, aspirin NSAIDs no opioid related AEs short acting Sodium channel Use directly at pain site; mostly peri- Limited duration of action; some are Bupivacaine, lidocaine operative concerned about local tissue impact blockers Moderate Target pain relief; anxiolytic properties; In development – potential to be approved Dexmedetomidine Alpha 2 agonists no respiratory depression, impaired GI for peri-procedural pain; blood pressure (Baudax Bio) or addictive properties decrease Once-daily dosing; Non-opioid, IV/IM meloxicam Both Ph. 3 pivotal studies met primary Class effects: Bleeding risk; GI and renal (Baudax Bio) endpoints; MOA with no impact on GI complications. preferential COX-2 Moderate to motility Severe Respiratory depression, impaired GI motility Morphine, hydrocodone, Good pain relief after even one dose; frequent nausea and Opioids oxycodone, fentanyl vomiting; abuse/addiction potential *Pain severity based upon market research / physician feedback 16 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Limited Acute Pain Relief Options for Patients Pain Severity* Class Compounds Advantages Disadvantages Antipyretic properties; Oral & IV; no Acetaminophen Only effective for mild pain; short acting opioid related AEs Mild Mild to moderate analgesia; oral & IV; Bleeding risk; GI and renal complications; Ketorolac, ibuprofen, aspirin NSAIDs no opioid related AEs short acting Sodium channel Use directly at pain site; mostly peri- Limited duration of action; some are Bupivacaine, lidocaine operative concerned about local tissue impact blockers Moderate Target pain relief; anxiolytic properties; In development – potential to be approved Dexmedetomidine Alpha 2 agonists no respiratory depression, impaired GI for peri-procedural pain; blood pressure (Baudax Bio) or addictive properties decrease Once-daily dosing; Non-opioid, IV/IM meloxicam Both Ph. 3 pivotal studies met primary Class effects: Bleeding risk; GI and renal (Baudax Bio) endpoints; MOA with no impact on GI complications. preferential COX-2 Moderate to motility Severe Respiratory depression, impaired GI motility Morphine, hydrocodone, Good pain relief after even one dose; frequent nausea and Opioids oxycodone, fentanyl vomiting; abuse/addiction potential *Pain severity based upon market research / physician feedback 16 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Multiple Guidelines Recommend NSAIDs as Part of MMA Numerous clinical practice guidelines recommend multimodal approaches to pain management— including NSAIDs—to provide better pain control while reducing opioids and related adverse events *The American Academy of Orthopaedic Surgeons and The Joint Commission recommend MMA, but do not specifically recommend NSAIDs. 17 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Multiple Guidelines Recommend NSAIDs as Part of MMA Numerous clinical practice guidelines recommend multimodal approaches to pain management— including NSAIDs—to provide better pain control while reducing opioids and related adverse events *The American Academy of Orthopaedic Surgeons and The Joint Commission recommend MMA, but do not specifically recommend NSAIDs. 17 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Market Research Indicators of Success: Need To Demonstrate Clinical & Economic Value CLINICAL VALUE ECONOMIC VALUE • Effectively treats pain while • Allows ambulatory surgical reducing the need for rescue centers to perform more Economic Clinical complex procedures with Value • Avoid risks of analgesic-related higher reimbursements and Value AEs that lead to complications or discharge patients on the prolong hospital stay same day • Early patient mobilization so • Allows hospitals to speed up rehab begins within 24 hours patient discharge, reduce Influence Cost inpatient admission, and/or • Prevent avoidable readmissions length of stay due to surgical complications, adverse drug events or pain at the surgical site CLINICAL ECONOMIC Source: Blinded market research feedback on market dynamics. 18 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Market Research Indicators of Success: Need To Demonstrate Clinical & Economic Value CLINICAL VALUE ECONOMIC VALUE • Effectively treats pain while • Allows ambulatory surgical reducing the need for rescue centers to perform more Economic Clinical complex procedures with Value • Avoid risks of analgesic-related higher reimbursements and Value AEs that lead to complications or discharge patients on the prolong hospital stay same day • Early patient mobilization so • Allows hospitals to speed up rehab begins within 24 hours patient discharge, reduce Influence Cost inpatient admission, and/or • Prevent avoidable readmissions length of stay due to surgical complications, adverse drug events or pain at the surgical site CLINICAL ECONOMIC Source: Blinded market research feedback on market dynamics. 18 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Commercial Launch 19 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Commercial Launch 19 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Target Opportunity Concentrated in ~2,000 Accounts HOSPITAL INPATIENT HOPD ASC TOTAL ADDRESSABLE 11m 9m 2.2m ~22m PROCEDURES Orthopedic (Hip/Knee, Spine, other) CORE TARGET General Surgery PROCEDURES Colorectal 3.4m 6.9m 1.0m TARGETED ~11.3m ACCOUNTS ~1,450 HOSPITALS ~550 ASCs Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO use is anticipated. 20 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Target Opportunity Concentrated in ~2,000 Accounts HOSPITAL INPATIENT HOPD ASC TOTAL ADDRESSABLE 11m 9m 2.2m ~22m PROCEDURES Orthopedic (Hip/Knee, Spine, other) CORE TARGET General Surgery PROCEDURES Colorectal 3.4m 6.9m 1.0m TARGETED ~11.3m ACCOUNTS ~1,450 HOSPITALS ~550 ASCs Source: Definitive, LexisNexis and Company Estimates. *Includes addressable procedures where ANJESO use is anticipated. 20 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


ASCs Provide a Strategic Entry Point for Early Experience GAIN EARLY EXPERIENCE WITH ANJESO™ (IV meloxicam): Build market experience at settings of care that have lower barriers to adoption AMBULATORY SURGICAL HOSPITAL OUTPATIENT HOSPITAL INPATIENT CENTER SETTING SETTINGS SETTINGS High Volume Surgeons That Practice at All Locations Early usage may carry back and drive formulary reviews and adoption at hospitals 21 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.ASCs Provide a Strategic Entry Point for Early Experience GAIN EARLY EXPERIENCE WITH ANJESO™ (IV meloxicam): Build market experience at settings of care that have lower barriers to adoption AMBULATORY SURGICAL HOSPITAL OUTPATIENT HOSPITAL INPATIENT CENTER SETTING SETTINGS SETTINGS High Volume Surgeons That Practice at All Locations Early usage may carry back and drive formulary reviews and adoption at hospitals 21 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Acquisition Cost: WAC Prices of Other Non-Opioids 1 Price Per Day Price Per Dose 2 320 Ketorolac Caldolor ANJESO™ Ofirmev Exparel 310 Price 300 $2.46 $16.06 $43.46 $324.45 Per Dose 290 8.3% Price Increase Dosing Once 1x at q6hrs q6hrs q6hrs 3 Schedule daily closure 40 Price 30 $9.84 $64.24 $173.84 $324.45 Per Day 20 Source: Wholesale Acquisition Cost Prices from Red Book accessed November 2019 10 1 Price per day equals dosing schedule times price per dose. 2 Generic ketorolac has multiple manufacturers. Price reflects the lowest manufacturer WAC. 0 2012 2013 2014 2015 2016 2017 2018 2019 3 Dosing schedule according to product prescribing information for 24-hour coverage. Ofirmev Caldolor Ketorolac Exparel § Budget Impact & Cost Effectiveness Models to address ANJESO affordability and cost effectiveness vs. other IV analgesics Economic Evidence § Retrospective Analyses of claims database that models real-world AE rates and costs associated with existing therapies at Launch § Economic Analysis of two Phase IIIb studies will be available at completion of studies 22 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA. Price of Non-Opioids Per Dose($)Acquisition Cost: WAC Prices of Other Non-Opioids 1 Price Per Day Price Per Dose 2 320 Ketorolac Caldolor ANJESO™ Ofirmev Exparel 310 Price 300 $2.46 $16.06 $43.46 $324.45 Per Dose 290 8.3% Price Increase Dosing Once 1x at q6hrs q6hrs q6hrs 3 Schedule daily closure 40 Price 30 $9.84 $64.24 $173.84 $324.45 Per Day 20 Source: Wholesale Acquisition Cost Prices from Red Book accessed November 2019 10 1 Price per day equals dosing schedule times price per dose. 2 Generic ketorolac has multiple manufacturers. Price reflects the lowest manufacturer WAC. 0 2012 2013 2014 2015 2016 2017 2018 2019 3 Dosing schedule according to product prescribing information for 24-hour coverage. Ofirmev Caldolor Ketorolac Exparel § Budget Impact & Cost Effectiveness Models to address ANJESO affordability and cost effectiveness vs. other IV analgesics Economic Evidence § Retrospective Analyses of claims database that models real-world AE rates and costs associated with existing therapies at Launch § Economic Analysis of two Phase IIIb studies will be available at completion of studies 22 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA. Price of Non-Opioids Per Dose($)


Surgical Setting Coding and Reimbursement at Launch Hospital Inpatient Hospital Outpatient Ambulatory Surgery Centers Medicare Medicare Medicare • Use J3490 • Use C9399 • Use C9399 • Reimbursed based on DRG • Reimbursed at 80% of 95% • Reimbursed at 80% of 95% of AWP of AWP Commercial Commercial Commercial • Use J3490 • Use J3490 • Use J3490 • Bundled and part of a • May be bundled with • May be bundled with case rate procedure or separately procedure or separately reimbursed based on the reimbursed based on the facility contract facility contract Miscellaneous reimbursement codes available day 1 of launch 23 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Surgical Setting Coding and Reimbursement at Launch Hospital Inpatient Hospital Outpatient Ambulatory Surgery Centers Medicare Medicare Medicare • Use J3490 • Use C9399 • Use C9399 • Reimbursed based on DRG • Reimbursed at 80% of 95% • Reimbursed at 80% of 95% of AWP of AWP Commercial Commercial Commercial • Use J3490 • Use J3490 • Use J3490 • Bundled and part of a • May be bundled with • May be bundled with case rate procedure or separately procedure or separately reimbursed based on the reimbursed based on the facility contract facility contract Miscellaneous reimbursement codes available day 1 of launch 23 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Potential C-Code & J-Code Timelines Unique C-Code Timeline C9399 to be used until unique C-code assigned December 2019 March 2020 May 2020 July 2020 Oct 2020 Nov 2020 2021 2022 - 2023 3 years of pass-through coverage expires June 30, 2023 March 1, 2020 July 1, 2020 Apply for C-code, if approved Earliest possible date C-code would be effective J3490 to be used until unique J-code assigned Unique J-Code Timeline December 2019 March 2020 May 2020 July 2020 Oct 2020 Nov 2020 2021 2022 - 2023 Dec 31, 2019 March 31, 2020 May 2019 Nov 2019 Jan 1, 2021 Apply for unique J-code Would Need to CMS posts CMS posts J-code effective if granted and submit final FDA preliminary J-code final decision replaces unique C-code: Pass-through approval and recommendation continues until June 30, 2023 revised application to CMS 24 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Potential C-Code & J-Code Timelines Unique C-Code Timeline C9399 to be used until unique C-code assigned December 2019 March 2020 May 2020 July 2020 Oct 2020 Nov 2020 2021 2022 - 2023 3 years of pass-through coverage expires June 30, 2023 March 1, 2020 July 1, 2020 Apply for C-code, if approved Earliest possible date C-code would be effective J3490 to be used until unique J-code assigned Unique J-Code Timeline December 2019 March 2020 May 2020 July 2020 Oct 2020 Nov 2020 2021 2022 - 2023 Dec 31, 2019 March 31, 2020 May 2019 Nov 2019 Jan 1, 2021 Apply for unique J-code Would Need to CMS posts CMS posts J-code effective if granted and submit final FDA preliminary J-code final decision replaces unique C-code: Pass-through approval and recommendation continues until June 30, 2023 revised application to CMS 24 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


ANJESO™ Receptivity: Anticipated Usage Current Use vs. Anticipated Usage After Reviewing Draft Clinical Profile* Anticipated Change in Share in PACU Setting In multiple market research surveys, the 2 % of Surgeries majority of HCPs surveyed said they would Oral Opioids -6% accept ANJESO™ as a valuable addition upon approval to multimodal pain- Fentanyl -6% management protocols. IV Opioids -13% They estimated they would use the product IV Ketorolac -7% 1 in ~30% of their surgical cases . IV Ibuprofen -1% *Clinical profile used in surveys was fair balanced and based on clinical data IV Acetaminophen -3% Local Injections 0% 1. January 2018 – Blinded, Third Party Market Research, n=205. 2. December 2017 – Blinded, Third Party Market Research, n=462. ANJESO 26% 25 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.ANJESO™ Receptivity: Anticipated Usage Current Use vs. Anticipated Usage After Reviewing Draft Clinical Profile* Anticipated Change in Share in PACU Setting In multiple market research surveys, the 2 % of Surgeries majority of HCPs surveyed said they would Oral Opioids -6% accept ANJESO™ as a valuable addition upon approval to multimodal pain- Fentanyl -6% management protocols. IV Opioids -13% They estimated they would use the product IV Ketorolac -7% 1 in ~30% of their surgical cases . IV Ibuprofen -1% *Clinical profile used in surveys was fair balanced and based on clinical data IV Acetaminophen -3% Local Injections 0% 1. January 2018 – Blinded, Third Party Market Research, n=205. 2. December 2017 – Blinded, Third Party Market Research, n=462. ANJESO 26% 25 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


A Non-Opioid Alternative: ANJESO™ (IV meloxicam) Dosed once-daily, Well tolerated Significant COX-2 selective IV, for the * safety profile reduction in pain IV NSAID management of moderate to severe pain That can be Administered as a Evaluated in more Across hard and soft 1 1 incorporated into 1 30 mg IV push than 1400 patients tissue surgeries MMA protocols *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but involves inhibition of both COX-1 and COX-2 pathways. COX-1, cyclooxygenase 1; COX-2, cyclooxygenase 2; IV, intravenous; NSAID, nonsteroidal anti-inflammatory drug, MMA, multimodal analgesia. 1. Data on file. Recro Pharma, Inc. 26 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.A Non-Opioid Alternative: ANJESO™ (IV meloxicam) Dosed once-daily, Well tolerated Significant COX-2 selective IV, for the * safety profile reduction in pain IV NSAID management of moderate to severe pain That can be Administered as a Evaluated in more Across hard and soft 1 1 incorporated into 1 30 mg IV push than 1400 patients tissue surgeries MMA protocols *The mechanism of action of IV meloxicam, like other NSAIDs, is not completely understood, but involves inhibition of both COX-1 and COX-2 pathways. COX-1, cyclooxygenase 1; COX-2, cyclooxygenase 2; IV, intravenous; NSAID, nonsteroidal anti-inflammatory drug, MMA, multimodal analgesia. 1. Data on file. Recro Pharma, Inc. 26 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Company Highlights • Pharmaceutical company focused on developing and commercializing innovative products for acute care settings with late stage investigational product, ANJESO™ (IV meloxicam), targeting management of moderate to severe pain • ANJESO™ (IV meloxicam) – October 2019 – Appeal granted for the New Drug Application (NDA) – Significant Potential Commercial Opportunity • Multiple therapeutics in clinical development for acute care settings • Baudax Cash position – $19 million as of Separation Date; no debt • Experienced management team with significant development, regulatory and commercial experience 27 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Company Highlights • Pharmaceutical company focused on developing and commercializing innovative products for acute care settings with late stage investigational product, ANJESO™ (IV meloxicam), targeting management of moderate to severe pain • ANJESO™ (IV meloxicam) – October 2019 – Appeal granted for the New Drug Application (NDA) – Significant Potential Commercial Opportunity • Multiple therapeutics in clinical development for acute care settings • Baudax Cash position – $19 million as of Separation Date; no debt • Experienced management team with significant development, regulatory and commercial experience 27 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Appendix ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA. 28Appendix ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA. 28


Acute Care Clinical Stage Pipeline Investigational Product PC I II III Rights Meloxicam WW IV formulation - Acute, post-operative pain Filed NDA/Appeal Granted Oct. 2019 IM formulation - Acute pain Neuromuscular Blockade Agents (NMBA) (Anesthesia) WW IV Intermediate-action (RP1000) IV Ultra-short action (RP2000) NMBA Reversal (Anesthesia) WW RP3000 Dexmedetomidine (“Dex”) WW, exc. Europe, Turkey, CIS Dex-IN (intranasal) Peri-procedural pain Dex-IN (intranasal) Cancer breakthrough pain 29 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.Acute Care Clinical Stage Pipeline Investigational Product PC I II III Rights Meloxicam WW IV formulation - Acute, post-operative pain Filed NDA/Appeal Granted Oct. 2019 IM formulation - Acute pain Neuromuscular Blockade Agents (NMBA) (Anesthesia) WW IV Intermediate-action (RP1000) IV Ultra-short action (RP2000) NMBA Reversal (Anesthesia) WW RP3000 Dexmedetomidine (“Dex”) WW, exc. Europe, Turkey, CIS Dex-IN (intranasal) Peri-procedural pain Dex-IN (intranasal) Cancer breakthrough pain 29 ANJESO™ (IV meloxicam) is an investigational drug that has not been evaluated as safe or effective by FDA.


Neuromuscular Blockers & Reversal Agent Overview 400 million people receive neuromuscular blocking agents annually [IMS, MIDAS 2010] • Used to induce rapid total paralysis to permit intubation and muscle relaxation during surgery or in ventilated patients – Either in the operating room or ASC to optimize surgical conditions; Additional use in ICU to facilitate mechanical ventilation • Numbers increasing with laparoscopic abdominal procedures Two novel neuromuscular blocking agents & novel reversal agent in development • Neuromuscular blocking agents – RP1000: Intermediate acting agent duration of action (~45 mins*) • Rapid onset <90 secs* - completed one Phase 1 clinical trial; supplemental trials planned – RP2000: Ultra-short acting agent duration of action (10-20 mins*) • Rapid onset ~60 sec* - In pre-clinical development • Novel reversal agent – Specific for RP1000 and RP2000; provides complete reversal of neuromuscular blockade from any depth of block within 2-5 mins* – In pre-clinical development 30 NMB = Neuromuscular blocking agents * Based on extrapolations from pre-clinical pharmacology data in animalsNeuromuscular Blockers & Reversal Agent Overview 400 million people receive neuromuscular blocking agents annually [IMS, MIDAS 2010] • Used to induce rapid total paralysis to permit intubation and muscle relaxation during surgery or in ventilated patients – Either in the operating room or ASC to optimize surgical conditions; Additional use in ICU to facilitate mechanical ventilation • Numbers increasing with laparoscopic abdominal procedures Two novel neuromuscular blocking agents & novel reversal agent in development • Neuromuscular blocking agents – RP1000: Intermediate acting agent duration of action (~45 mins*) • Rapid onset <90 secs* - completed one Phase 1 clinical trial; supplemental trials planned – RP2000: Ultra-short acting agent duration of action (10-20 mins*) • Rapid onset ~60 sec* - In pre-clinical development • Novel reversal agent – Specific for RP1000 and RP2000; provides complete reversal of neuromuscular blockade from any depth of block within 2-5 mins* – In pre-clinical development 30 NMB = Neuromuscular blocking agents * Based on extrapolations from pre-clinical pharmacology data in animals


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