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

Rhea-AI Summary

Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) announced on February 28, 2023, the granting of stock options and restricted stock units to four new employees. The stock options allow for the purchase of 3,600 shares at an exercise price of $1.75, vesting over four years. The restricted stock units total 7,000 shares, vesting after a 36-month period. These grants are part of the Paratek Pharmaceuticals, Inc. 2017 Inducement Plan aimed at encouraging new hires. Paratek focuses on developing therapies for life-threatening diseases, with its lead product NUZYRA® targeting bacterial infections. The company also holds a significant BARDA contract valued at up to $304 million.

Positive

• The issuance of stock options and restricted stock units to new employees may enhance talent acquisition and retention.
• NUZYRA® has a significant addressable market, with potential up to $1 billion in the U.S. for treating NTM pulmonary disease.

Negative

• None.

BOSTON, March 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 February 28, 2023, the Company granted stock options and restricted stock units 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, 3,600 shares of the Company’s common stock at a per share exercise price of $1.75, the closing sales price on February 28, 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 restricted stock units are to acquire, in the aggregate, 7,000 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 February 28, 2023?

Paratek Pharmaceuticals granted stock options for a total of 3,600 shares at an exercise price of $1.75.

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

The restricted stock units granted by Paratek Pharmaceuticals will vest after a 36-month period.

How many shares were granted as restricted stock units on February 28, 2023?

A total of 7,000 shares were granted as restricted stock units on February 28, 2023.

What is Paratek Pharmaceuticals' focus in the biopharmaceutical market?

Paratek Pharmaceuticals focuses on developing novel therapies for life-threatening diseases and public health threats.

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

The potential market value for NUZYRA® in treating NTM pulmonary disease is estimated at up to $1 billion in the U.S.