Paratek Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

On February 28, 2022, Paratek Pharmaceuticals (Nasdaq: PRTK) announced the granting of stock options and restricted stock units to six new employees. The stock options allow for the acquisition of 18,600 shares at an exercise price of $3.52, vesting over four years. Additionally, 18,900 restricted stock units will vest after 36 months. These grants are part of the 2017 Inducement Plan, aimed at incentivizing new hires. Paratek develops therapies for serious diseases, with products like NUZYRA and SEYSARA, and has an ongoing study for NTM pulmonary disease with a potential market of $1 billion.

Positive

• Granting stock options and restricted stock units may attract talent and enhance employee retention.
• Potential $1 billion addressable market in NTM pulmonary disease indicates strong growth opportunities.

Negative

• None.

BOSTON, March 01, 2022 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases and other public health threats for civilian, government and military use, today announced that on February 28, 2022, the Company granted stock options and restricted stock units to six new employees of the Company. These awards were granted pursuant to the Paratek Pharmaceuticals, Inc. 2017 Inducement Plan, as amended, which was approved by the Company's board of directors on June 15, 2017, under Rule 5635(c)(4) of the NASDAQ Listing Rules, for equity grants to employees entering into employment or returning to employment after a bona fide period of non-employment with the Company, as an inducement material to such individuals entering into employment with the Company.

The stock options are to acquire, in the aggregate, 18,600 shares of the Company’s common stock at a per share exercise price of $3.52, the closing sales price on February 28, 2022, and shall vest over a four-year vesting period, under which 25% of the shares will vest after 12 months of employment, with the remaining shares vesting monthly thereafter over the remaining 36-month period, subject to the employee’s continuous service. The restricted stock units are to acquire, in the aggregate, 18,900 shares of the Company’s common stock and shall vest upon the conclusion of a 36-month vesting period, under which one hundred percent 100% of the restricted stock units will vest after 36 months of employment, subject to the employee’s continuous service. The stock options and restricted stock units are subject to the terms and conditions of the Paratek Pharmaceuticals, Inc. 2017 Inducement Plan, as amended, and the terms and conditions of the stock option agreement and restricted stock unit award agreement covering each grant.

About Paratek Pharmaceuticals, Inc.
Paratek Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases or other public health threats for civilian, government and military use. 

The company’s lead commercial product, NUZYRA® (omadacycline), is a once-daily oral and intravenous antibiotic available in the United States for the treatment of adults with community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). Paratek has a collaboration agreement with Zai Lab for the development and commercialization of omadacycline in the greater China region and retains all remaining global rights.

Paratek is also conducting a Phase 2b Study in a rare disease, nontuberculous mycobacterial (NTM) pulmonary disease, caused by Mycobacterium abscessus complex with NUZYRA. Paratek estimates this opportunity represents a potential $1 billion addressable market in the United States. 

Paratek exclusively licensed U.S. rights and rights to the greater China territory for SEYSARA® (sarecycline), a once-daily oral therapy for the treatment of moderate to severe acne vulgaris, to Almirall, LLC. Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (BARDA), now valued at up to approximately $304 million, to support the development and U.S.-based manufacturing of NUZYRA for pulmonary anthrax.

For more information, visit www.ParatekPharma.com or follow us on LinkedIn and Twitter.

CONTACT:

For Investors:
Hans Vitzthum
LifeSci Advisors
ir@ParatekPharma.com
Phone: 617-430-7578

For Media:
Christine Fanelle
Scient PR
christine@scientpr.com
Phone: 215-595-5211

FAQ

What stock options were granted by Paratek Pharmaceuticals on February 28, 2022?

Paratek Pharmaceuticals granted stock options to acquire 18,600 shares at $3.52 per share.

How many restricted stock units were awarded to new employees at Paratek Pharmaceuticals?

A total of 18,900 restricted stock units were awarded, vesting after 36 months.

What is the significance of the 2017 Inducement Plan for Paratek Pharmaceuticals?

The 2017 Inducement Plan allows equity grants to incentivize new hires and retain employees.

What are Paratek Pharmaceuticals' main products?

Paratek's lead products include NUZYRA for bacterial infections and SEYSARA for acne treatment.

What ongoing studies is Paratek Pharmaceuticals involved in?

Paratek is conducting a Phase 2b study for nontuberculous mycobacterial pulmonary disease.