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

Rhea-AI Summary

Paratek Pharmaceuticals (Nasdaq: PRTK) announced the grant of stock options to 14 new employees on July 29, 2022. The options, totaling 17,200 shares, have an exercise price of $2.29, aligning with the closing sales price on that date. The options will vest over four years, commencing with 25% after 12 months. Paratek is focused on developing life-saving therapies, with its lead product, NUZYRA®, approved for treating community-acquired bacterial pneumonia and acute bacterial skin infections. The company is also conducting a Phase 2b study for nontuberculous mycobacterial pulmonary disease.

Positive

• Grant of 17,200 stock options to 14 new employees supports talent acquisition and retention.
• Options granted at a $2.29 exercise price, reflecting current market value.
• NUZYRA® remains a key asset, already approved for critical infections.

Negative

• None.

BOSTON, Aug. 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 July 29, 2022, the Company granted stock options to fourteen 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, 17,200 shares of the Company’s common stock at a per share exercise price of $2.29, the closing sales price on July 29, 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 did Paratek Pharmaceuticals grant?

Paratek Pharmaceuticals granted stock options to 14 new employees, totaling 17,200 shares at an exercise price of $2.29.

What is the vesting schedule for the stock options awarded by Paratek?

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

What is NUZYRA® and how is it relevant to Paratek Pharmaceuticals?

NUZYRA® is Paratek's lead product, approved for treating community-acquired bacterial pneumonia and acute bacterial skin infections.

What phase is Paratek Pharmaceuticals conducting for its rare disease study?

Paratek is conducting a Phase 2b study for nontuberculous mycobacterial pulmonary disease using NUZYRA®.