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

Rhea-AI Summary

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced on August 31, 2020, the granting of stock options and restricted stock units to two new employees. Under the 2017 Inducement Plan, 6,250 stock options with an exercise price of $4.60 will vest over four years. Additionally, 3,750 restricted stock units will vest after 36 months. Paratek specializes in developing innovative therapies for severe diseases, with products like NUZYRA for bacterial infections and SEYSARA for acne treatment. The company aims to address public health threats through its pipeline and collaborations.

Positive

• Stock options granted for 6,250 shares at $4.60, indicating management's commitment to employee retention.
• Restricted stock units for 3,750 shares set to incentivize long-term employee engagement over 36 months.
• Focus on developing therapies for life-threatening diseases aligns with increasing demand for innovative therapies.

Negative

• None.

BOSTON, Sept. 01, 2020 (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 or other public health threats for civilian, government and military use, today announced that on August 31, 2020, the Company granted stock options and restricted stock units to two 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, 6,250 shares of the Company’s common stock at a per share exercise price of $4.60, the closing sales price on August 31, 2020, 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, 3,750 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 and 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 U.S. for the treatment of adults with community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections. 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 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, or Almirall. Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from the Biomedical Advanced Research and Development Authority (BARDA) to support the development of NUZYRA for the treatment of pulmonary anthrax.

For more information, visit www.ParatekPharma.com or follow @ParatekPharma on Twitter.

About NUZYRA®
NUZYRA (omadacycline) is a novel antibiotic with both once-daily oral and intravenous formulations for the treatment of community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). A modernized tetracycline, NUZYRA is specifically designed to overcome tetracycline resistance and exhibits activity across a spectrum of bacteria, including Gram-positive, Gram-negative, atypicals, and other drug-resistant strains.

Please see full Prescribing Information for NUZYRA at www.NUZYRA.com.

For more information, visit www.ParatekPharma.com or follow @ParatekPharma on Twitter.

CONTACT:
Investor and Media Relations:     
Ben Strain     
617-807-6688     
ir@ParatekPharma.com 

FAQ

What stock options were granted by PRTK on August 31, 2020?

On August 31, 2020, Paratek Pharmaceuticals granted stock options to acquire 6,250 shares at a per share exercise price of $4.60.

How many restricted stock units did Paratek Pharmaceuticals grant?

Paratek Pharmaceuticals granted 3,750 restricted stock units that will vest after a 36-month period.

What is the purpose of the 2017 Inducement Plan at Paratek Pharmaceuticals?

The 2017 Inducement Plan is designed to provide equity grants to employees as an inducement for entering or returning to employment.

What products does Paratek Pharmaceuticals focus on?

Paratek Pharmaceuticals develops therapies for severe diseases, including NUZYRA for bacterial infections and SEYSARA for acne.

What is the significance of the stock options awarded by Paratek Pharmaceuticals?

The stock options awarded reflect Paratek's strategy to attract and retain talent amid a competitive biopharmaceutical landscape.