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

Rhea-AI Summary

Paratek Pharmaceuticals (Nasdaq: PRTK) announced on September 30, 2022, the granting of stock options and restricted stock units to twenty new employees. The stock options allow acquisition of 27,600 shares at an exercise price of $2.57, vesting over four years. Additionally, 32,100 shares in restricted stock units will vest after 36 months. This is part of the 2017 Inducement Plan approved by the board to attract employees. Paratek focuses on developing therapies for serious diseases and markets NUZYRA® and SEYSARA® for treating bacterial infections and acne, respectively.

Positive

• Granting stock options and restricted stock units to attract talent.
• Equity awards potentially boost employee retention and motivation.

Negative

• None.

BOSTON, Oct. 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 September 30, 2022, the Company granted stock options and restricted stock units to twenty 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, 27,600 shares of the Company’s common stock at a per share exercise price of $2.57, the closing sales price on September 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, 32,100 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 September 30, 2022?

Paratek Pharmaceuticals granted stock options to acquire 27,600 shares at $2.57 per share.

How many restricted stock units were granted by Paratek Pharmaceuticals?

The company granted 32,100 restricted stock units to new employees.

What is the vesting schedule for the stock options and restricted stock units at Paratek?

Stock options vest over four years; restricted stock units vest after 36 months.

What is the purpose of the stock options granted by Paratek Pharmaceuticals?

The stock options were granted to attract and retain new employees as per the 2017 Inducement Plan.