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

Rhea-AI Summary

Paratek Pharmaceuticals (PRTK) announced the grant of stock options to six new employees on July 30, 2021, under its 2017 Inducement Plan. A total of 4,800 stock options were allocated at an exercise price of $5.20, with a four-year vesting period. Additionally, 11,100 restricted stock units were granted, vesting after 36 months. The company is advancing its lead product, NUZYRA, an antibiotic approved for treating community-acquired bacterial pneumonia and acute bacterial skin infections. Paratek has a collaboration for NUZYRA in China and is exploring a Phase 2b study for Nontuberculous Mycobacterial Pulmonary Disease, representing a market opportunity of $1 billion.

Positive

• Granting of stock options can enhance employee retention and motivation.
• Advancement of clinical studies for NUZYRA targeting a $1 billion market.

Negative

• None.

BOSTON, Aug. 02, 2021 (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 July 30, 2021, the Company granted stock options 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, 4,800 shares of the Company’s common stock at a per share exercise price of $5.20, the closing sales price on July 30, 2021, 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, 11,100 shares of the Company’s common stock and shall vest upon the conclusion of a 36-month vesting period, under which 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 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 is also conducting a Phase 2b Study in a rare disease, Nontuberculous Mycobacterial (NTM) Pulmonary Disease, caused by Mycobacterium abscessus Complex (MABc) with NUZYRA. Paratek estimates this opportunity represents a potential $1.0 billion addressable market in the U.S.

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 (Almirall). Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from BARDA, valued up to $284.5 million, to support the development and U.S.-based manufacturing 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.

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

For Media:
Beth Kramli
Scient PR
Beth@scientpr.com
Phone: 908-568-9721

FAQ

What stock options were granted by Paratek Pharmaceuticals (PRTK) on July 30, 2021?

Paratek Pharmaceuticals granted stock options for a total of 4,800 shares at an exercise price of $5.20.

What is the vesting schedule for the stock options granted to employees by Paratek Pharmaceuticals?

The stock options will vest over four years, with 25% vesting after 12 months and the remainder vesting monthly.

What is NUZYRA and its market relevance?

NUZYRA is an antibiotic approved for treating community-acquired bacterial pneumonia, with a potential market opportunity of $1 billion in a related study.

How many restricted stock units were granted by Paratek Pharmaceuticals and when do they vest?

Paratek granted 11,100 restricted stock units that will vest after a 36-month period.