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

Rhea-AI Summary

Paratek Pharmaceuticals (Nasdaq: PRTK) announced the granting of stock options and restricted stock units to two new employees on December 31, 2021. The awards include stock options for 6,900 shares at an exercise price of $4.49 and restricted stock units for 13,200 shares, with different vesting schedules over four and thirty-six months respectively. This is part of the Paratek Pharmaceuticals 2017 Inducement Plan approved by its board. The company focuses on developing therapies for life-threatening diseases, with its lead product being NUZYRA®.

Positive

• Company expanding workforce with new hires.
• Stock options and restricted stock units can align employee interests with shareholder value.

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• None.

BOSTON, Jan. 03, 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 December 31, 2021, the Company granted stock options and restricted stock units to two 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, 6,900 shares of the Company’s common stock at a per share exercise price of $4.49, the closing sales price on December 31, 2021, 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, 13,200 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 were granted by Paratek Pharmaceuticals on December 31, 2021?

Paratek Pharmaceuticals granted stock options to acquire 6,900 shares at an exercise price of $4.49.

What are restricted stock units awarded by Paratek Pharmaceuticals?

Paratek awarded 13,200 restricted stock units, vesting over 36 months.

What is the purpose of the stock options and restricted stock units granted by Paratek?

These awards are part of the 2017 Inducement Plan to attract and retain employees.

What is the significance of the Paratek 2017 Inducement Plan?

The plan allows for equity grants to employees, enhancing their alignment with shareholder interests.

How does the grant of stock options impact Paratek Pharmaceuticals?

It indicates the company's focus on talent acquisition and retention, potentially enhancing business performance.