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 three new employees on March 31, 2021. A total of 1,200 stock options were issued at an exercise price of $7.06, vesting over four years. Additionally, 13,800 restricted stock units will vest after 36 months of continuous employment. This move aligns with the 2017 Inducement Plan to attract talent crucial for the company's focus on developing life-saving therapies, including its lead product NUZYRA, an antibiotic for bacterial infections.

Positive

• Attracting new talent through stock options and restricted stock units may enhance operational capabilities.
• The stock options and restricted stock units align with long-term growth strategies of the company.

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• None.

BOSTON, April 01, 2021 (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 March 31, 2021, the Company granted stock options and restricted stock units to 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, 1,200 shares of the Company’s common stock at a per share exercise price of $7.06, the closing sales price on March 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, 13,800 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 and 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 U.S. for the treatment of adults with community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections. 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 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, or Almirall. Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from the Biomedical Advanced Research and Development Authority (BARDA) to support the development of NUZYRA for the treatment of pulmonary anthrax.

For more information, visit www.ParatekPharma.com or follow @ParatekPharma on Twitter.

About NUZYRA®
NUZYRA (omadacycline) is a novel antibiotic with both once-daily oral and intravenous formulations for the treatment of community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). A modernized tetracycline, NUZYRA is specifically designed to overcome tetracycline resistance and exhibits activity across a spectrum of bacteria, including Gram-positive, Gram-negative, atypicals, and other drug-resistant strains.

Please see full Prescribing Information for NUZYRA at www.NUZYRA.com.

CONTACT:
Investor and Media Relations:     
Ben Strain     
617-807-6688     
ir@ParatekPharma.com

FAQ

What are the recent stock options granted by Paratek Pharmaceuticals (PRTK)?

On March 31, 2021, Paratek Pharmaceuticals granted stock options to acquire 1,200 shares at an exercise price of $7.06.

How many restricted stock units were awarded by Paratek Pharmaceuticals (PRTK)?

Paratek Pharmaceuticals awarded a total of 13,800 restricted stock units which will vest after 36 months.

What is the purpose of Paratek Pharmaceuticals' stock option grants?

The stock option grants are aimed at attracting and retaining talent for the company's growth.

What is the vesting schedule for the stock options granted by Paratek Pharmaceuticals (PRTK)?

The stock options vest over four years, with 25% vesting after the first year.

When was the stock option and restricted stock unit grant announced by Paratek Pharmaceuticals (PRTK)?

The grant was announced on April 1, 2021, for options awarded on March 31, 2021.