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

Rhea-AI Summary

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced on April 29, 2022, the granting of stock options to a new employee under its 2017 Inducement Plan. The awarded options, amounting to 6,000 shares with an exercise price of $2.21, will vest over four years. Paratek focuses on developing life-saving therapies, with its key product NUZYRA® approved for treating severe bacterial infections. The company also holds a BARDA contract valued at approximately $304 million for developing NUZYRA for pulmonary anthrax.

Positive

• Awarded stock options for 6,000 shares at $2.21, supporting recruitment.
• NUZYRA® approved for treating community-acquired bacterial pneumonia and skin infections.
• Potential $1 billion market opportunity for NUZYRA in nontuberculous mycobacterial disease.
• Retains global rights for NUZYRA, enhancing growth potential.
• BARDA contract worth $304 million for NUZYRA development.

Negative

• None.

BOSTON, May 02, 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 April 29, 2022, the Company granted stock options to one new employee of the Company. This 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, 6,000 shares of the Company’s common stock at a per share exercise price of $2.21, the closing sales price on April 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 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 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 a new employee for 6,000 shares at an exercise price of $2.21.

When were stock options awarded by Paratek Pharmaceuticals?

The stock options were awarded on April 29, 2022.

What is the significance of the BARDA contract for Paratek Pharmaceuticals?

The BARDA contract, valued at approximately $304 million, supports the development and manufacturing of NUZYRA for pulmonary anthrax.

What is NUZYRA used for?

NUZYRA is an antibiotic used for treating community-acquired bacterial pneumonia and acute bacterial skin infections.

What market opportunity does NUZYRA represent for Paratek Pharmaceuticals?

NUZYRA presents a potential $1 billion addressable market in the U.S. for treating nontuberculous mycobacterial pulmonary disease.