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

Rhea-AI Summary

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced on January 31, 2023, the granting of stock options to four new employees as part of its 2017 Inducement Plan. A total of 4,800 shares will be available at an exercise price of $2.17, with a four-year vesting schedule. Paratek focuses on developing life-saving therapies, including NUZYRA® (omadacycline), which treats bacterial pneumonia and skin infections. The company also explores NTM pulmonary disease treatment opportunities, projecting a $1 billion addressable market. Paratek maintains rights for SEYSARA® (sarecycline) in the rest of the world, having licensed U.S. and greater China rights to Almirall.

Positive

• Granting of stock options to four new employees indicates company growth and expansion.
• Development of NUZYRA® is aligned with significant public health needs.
• Potential $1 billion addressable market for NUZYRA® in NTM pulmonary disease.

Negative

• None.

BOSTON, Feb. 01, 2023 (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 January 31, 2023, the Company granted stock options to four 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, 4,800 shares of the Company’s common stock at a per share exercise price of $2.17, the closing sales price on January 31, 2023, 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 was announced by Paratek Pharmaceuticals on January 31, 2023?

Paratek Pharmaceuticals announced the granting of stock options to four new employees under its 2017 Inducement Plan.

How many stock options were granted to new employees at Paratek Pharmaceuticals?

A total of 4,800 stock options were granted to four new employees.

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

The exercise price for the stock options is $2.17 per share.

What is NUZYRA® and what diseases does it treat?

NUZYRA® (omadacycline) is an antibiotic that treats community-acquired bacterial pneumonia and acute bacterial skin infections.

What is the market potential for NUZYRA® in NTM pulmonary disease?

Paratek Pharmaceuticals estimates the market potential for NUZYRA® in NTM pulmonary disease to be around $1 billion in the United States.