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

Rhea-AI Summary

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced the grant of stock options to four new employees on October 31, 2022. A total of 4,800 options were issued at an exercise price of $3.56 per share, with a four-year vesting schedule. This action is part of the Company's 2017 Inducement Plan to attract talent and incentivize new hires. Paratek focuses on developing therapies for life-threatening diseases, with its lead product NUZYRA® targeting bacterial infections and a Phase 2b study for nontuberculous mycobacterial disease, potentially tapping into a $1 billion U.S. market.

Positive

• Granting stock options can enhance employee retention and attract talent.
• NUZYRA® addresses significant medical needs, contributing to Paratek's market position.
• The Phase 2b study presents an opportunity in a potential $1 billion addressable market.

Negative

• None.

BOSTON, Nov. 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 October 31, 2022, the Company granted stock options to four 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 $3.56, the closing sales price on October 31, 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 stock options 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 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 recent stock options were granted by Paratek Pharmaceuticals (PRTK)?

On October 31, 2022, Paratek Pharmaceuticals granted stock options to four new employees, totaling 4,800 options at an exercise price of $3.56.

What is the vesting schedule for the newly granted stock options at PRTK?

The stock options have a four-year vesting period, with 25% vesting after 12 months and the remainder vesting monthly thereafter.

What is the significance of the stock options granted by PRTK?

The stock options are intended to attract and retain top talent as part of the Company's 2017 Inducement Plan.

What is NUZYRA® and its market potential?

NUZYRA® is Paratek's lead product for treating bacterial infections, and it is part of a Phase 2b study for a rare disease, representing a potential $1 billion market.