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

Rhea-AI Summary

Paratek Pharmaceuticals (Nasdaq: PRTK) announced the grant of stock options and restricted stock units to twelve new employees on May 31, 2022. The options total 5,200 shares at an exercise price of $1.89, vesting over four years. Additionally, 78,200 restricted stock units will vest after 36 months of employment. These grants align with Paratek's 2017 Inducement Plan, supporting employee retention and recruitment. The company focuses on developing life-saving therapies, including NUZYRA for bacterial infections and SEYSARA for acne vulgaris.

Positive

• Stock options and restricted stock units granted to new employees could enhance retention and attract talent.
• NUZYRA has potential market opportunities, including a $1 billion addressable market for NTM pulmonary disease.
• Contract from BARDA valued at up to $304 million supports the development of NUZYRA.

Negative

• None.

BOSTON, June 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 May 31, 2022, the Company granted stock options and restricted stock units to twelve 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, 5,200 shares of the Company’s common stock at a per share exercise price of $1.89, the closing sales price on May 31, 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, 78,200 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?

Paratek Pharmaceuticals granted stock options to acquire 5,200 shares at a price of $1.89.

How many restricted stock units were awarded to Paratek employees?

Paratek awarded 78,200 restricted stock units to its new employees.

What is the purpose of the stock option grants by Paratek?

The stock option grants aim to retain and recruit employees as part of Paratek's 2017 Inducement Plan.

What is NUZYRA and its market potential?

NUZYRA is an antibiotic developed by Paratek with a potential $1 billion market for treating NTM pulmonary disease.