Baudax Bio (BXRX) Strengthens Management Team with Appointment of Richard S. Casten as Chief Financial Officer

March 8, 2021 7:14 AM EST

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Baudax Bio, Inc. (NASDAQ: BXRX), a pharmaceutical company focused on therapeutics for acute care settings, today announced the appointment of Richard S. Casten, CPA, MBA as Chief Financial Officer. In this role, Mr. Casten will be responsible for leading and directing the financial activities of the Company. Mr. Casten brings to Baudax 25 years of diversified financial experience across pharmaceutical, Fortune 500 consumer products and public accounting. He replaces Ryan D. Lake, CPA who is transitioning to full time Chief Financial Officer for Recro.

“I am delighted to welcome Richard to the Baudax team and believe his expertise and leadership skills will be critically important to us as we continue to execute on the commercial rollout of ANJESO® in the U.S. and pursue our ongoing growth initiatives,” said Gerri Henwood, President and Chief Executive Officer of Baudax Bio. “Richard is a proven leader in our industry and his extensive financial experience will be a valuable addition to the Company.”

Ms. Henwood continued, “The Board and I wish to express our sincere gratitude to Ryan for his many contributions and service and wish him well in his role as full time Chief Financial Officer at Recro.”

Mr. Casten commented: “Baudax is an exciting growth story and an emerging leader in the acute care setting. The team has been making great strides since its launch toward bringing ANJESO to patients in the U.S. and I am pleased to be joining at such a pivotal time. I look forward to working with the entire leadership team and contributing to the Company’s future success.”

Prior to joining Baudax, Mr. Casten served as Vice President of Finance, Controller and Treasurer at Lupin Pharmaceuticals, Inc. Previous to Lupin, Mr. Casten served in roles of increasing responsibility at Endo International plc, culminating in his role as Senior Director, Financial Planning and Analysis. Prior to Endo, he served in various financial roles at the Campbell Soup Company. Mr. Casten spent the initial ten years of his career in public accounting, with eight years at Ernst & Young LLP, rising to a Senior Manager, Assurance and Advisory Business Services, and at Fishbein & Company as an Assurance Staff Accountant. He holds a Bachelor of Science in Business and Economics, with a major in Accounting, from Lehigh University and a Master’s in Business Administration from the Johnson School at Cornell University. Mr. Casten is a Certified Public Accountant in both Pennsylvania and California and is a member of American and Pennsylvania Institute of Certified Public Accountants.

Inducement Grant under NASDAQ Listing Rule 5635(c)(4)

In connection with the hiring of Mr. Casten, the Compensation Committee of Baudax Bio’s Board of Directors approved an inducement grant of stock options to purchase an aggregate of 270,000 shares of Baudax Bio’s common stock and restricted stock units covering 100,000 shares of Baudax Bio’s common stock, with a grant date of March 8, 2021. The equity award was granted pursuant to the Nasdaq Rule 5635(c)(4) inducement grant exception as a component of Mr. Casten’s employment compensation and was granted as an inducement material to his acceptance of employment with Baudax Bio.

The options have an exercise price equal to the closing price of Baudax Bio’s common stock as reported by Nasdaq on March 8, 2021. The options have a ten-year term and vest over four years, with 25% of the number of shares underlying the stock option vesting on the one-year anniversary of the grant date and the remaining shares vesting monthly over 36 months thereafter. The restricted stock units vest annually over four years. The equity award is subject to Mr. Casten’s continued service with Baudax Bio through the applicable vesting dates.

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