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

Rhea-AI Summary

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced the granting of stock options and restricted stock units to 33 new employees on June 30, 2022. Under the 2017 Inducement Plan, a total of 28,800 stock options and 96,200 restricted stock units were awarded. The stock options have an exercise price of $1.93 and vest over four years, while the restricted stock units will vest fully after 36 months. The awards are part of the company’s strategy to incentivize employee retention and growth.

Positive

• Granting of stock options and restricted stock units may enhance employee retention and motivation.
• Stock options are priced at $1.93, aligning employee interests with shareholder value.

Negative

• None.

BOSTON, July 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 June 30, 2022, the Company granted stock options and restricted stock units to thirty-three 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, 28,800 shares of the Company’s common stock at a per share exercise price of $1.93, the closing sales price on June 30, 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 restricted stock units are to acquire, in the aggregate, 96,200 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 stock options and 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 stock option agreement and restricted stock unit award 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 on June 30, 2022?

Paratek Pharmaceuticals granted a total of 28,800 stock options at an exercise price of $1.93.

How many restricted stock units were awarded by Paratek on June 30, 2022?

A total of 96,200 restricted stock units were awarded to new employees.

What is the vesting period for the stock options granted by Paratek Pharmaceuticals?

The stock options granted by Paratek vest over a four-year period.

What is the significance of the 2017 Inducement Plan for Paratek Pharmaceuticals?

The 2017 Inducement Plan allows Paratek to offer equity grants to new employees as an inducement for employment.

How does the stock option exercise price of $1.93 affect Paratek shareholders?

The exercise price of $1.93 aligns employee interests with shareholder performance, potentially enhancing value.