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

Rhea-AI Summary

On August 31, 2022, Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced the granting of stock options to a new employee. This award, totaling 3,400 shares at an exercise price of $2.51, is part of its 2017 Inducement Plan and is aimed at attracting talent. The options will vest over four years, with an initial 25% vesting after 12 months. Paratek focuses on developing therapies for severe diseases, with its lead product, NUZYRA®, approved for treating bacterial infections. The company is also engaged in a Phase 2b study for a rare disease, estimating a $1 billion market potential.

Positive

• Stock options granted to a new employee may enhance talent acquisition.
• Lead product NUZYRA® is positioned in key therapeutic areas, which could drive revenue.
• Phase 2b study in NTM pulmonary disease presents $1 billion market opportunity.

Negative

• None.

BOSTON, Sept. 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 August 31, 2022, the Company granted stock options to one new employee of the Company. The award was 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, 3,400 shares of the Company’s common stock at a per share exercise price of $2.51, the closing sales price on August 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 stock options were granted by Paratek Pharmaceuticals (PRTK)?

On August 31, 2022, Paratek Pharmaceuticals granted stock options for 3,400 shares at an exercise price of $2.51.

What is the vesting schedule for the stock options granted by PRTK?

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

What is Paratek Pharmaceuticals' focus area?

Paratek Pharmaceuticals focuses on developing therapies for life-threatening diseases and public health threats.

What are the potential markets for Paratek Pharmaceuticals' products?

Paratek estimates a $1 billion addressable market in the U.S. for NUZYRA® targeting nontuberculous mycobacterial pulmonary disease.