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

Rhea-AI Summary

Paratek Pharmaceuticals (PRTK) announced on March 31, 2022, the granting of stock options and restricted stock units to ten new employees. The stock options cover 18,000 shares at a price of $2.97, vesting over four years. Additionally, 30,000 restricted stock units will vest after a 36-month period. This grant follows the Paratek 2017 Inducement Plan approved by the board. Paratek focuses on developing therapies for serious diseases, with its main product, NUZYRA®, aimed at treating bacterial infections and a potential $1 billion market in NTM pulmonary disease.

Positive

• Expansion of workforce with ten new employees.
• Stock options and restricted units align employee interests with company performance.
• Potential $1 billion addressable market in NTM pulmonary disease
• NUZYRA® is already commercially available, providing immediate revenue potential.

Negative

• None.

BOSTON, April 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 March 31, 2022, the Company granted stock options and restricted stock units to ten 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, 18,000 shares of the Company’s common stock at a per share exercise price of $2.97, the closing sales price on March 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 restricted stock units are to acquire, in the aggregate, 30,000 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 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 is the significance of the stock options granted by Paratek Pharmaceuticals on March 31, 2022?

The stock options granted to ten new employees are part of a strategy to align employee interests with company performance, potentially enhancing productivity and retention.

What is the exercise price for the stock options granted by Paratek Pharmaceuticals?

The stock options granted have an exercise price of $2.97 per share, reflecting the closing sales price on March 31, 2022.

What is NUZYRA® and its relevance to Paratek Pharmaceuticals?

NUZYRA® is Paratek's lead product, a novel antibiotic approved for treating community-acquired bacterial pneumonia and skin infections, contributing to revenue generation.

What market opportunity is Paratek targeting with NUZYRA®?

Paratek estimates a $1 billion addressable market opportunity in the United States for NTM pulmonary disease, which could significantly impact future growth.