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

Rhea-AI Summary

Paratek Pharmaceuticals (Nasdaq: PRTK) announced the grant of 9,900 restricted stock units to a new employee, effective August 31, 2021. This grant, part of the Paratek 2017 Inducement Plan, is subject to a 36-month vesting period. The company focuses on developing innovative therapies for serious diseases, with its lead product NUZYRA® targeting community-acquired bacterial pneumonia. Paratek also holds partnerships and licensing agreements for its products, including collaborations in China and the U.S.

Positive

• Grant of restricted stock units could enhance employee motivation and retention.
• Continued development of NUZYRA® indicates ongoing commitment to innovative therapies.

Negative

• None.

BOSTON, Sept. 01, 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 August 31, 2021, the Company granted restricted stock units 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 restricted stock units are to acquire, in the aggregate, 9,900 shares of the Company’s common stock and shall vest upon the conclusion of a 36-month vesting period, under which one hundred percent 100% of the restricted stock units will vest after 36 months of employment, subject to the employee’s continuous service. The 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 restricted stock unit award agreement covering the 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. 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.

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 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 at ~$285 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 was announced by Paratek Pharmaceuticals on August 31, 2021?

Paratek Pharmaceuticals announced the grant of restricted stock units to a new employee as part of the company’s 2017 Inducement Plan.

How many restricted stock units were granted by Paratek Pharmaceuticals?

Paratek Pharmaceuticals granted a total of 9,900 restricted stock units.

What is the vesting period for the restricted stock units at Paratek Pharmaceuticals?

The restricted stock units will vest after a 36-month period of continuous service.

What is NUZYRA® and why is it significant for Paratek Pharmaceuticals?

NUZYRA® is Paratek's lead product, a novel antibiotic for treating community-acquired bacterial pneumonia and skin infections, highlighting the company's focus on innovative treatments.