Paratek Pharmaceuticals Appoints Jeffrey Stein as Lead Independent Director of the Board

Rhea-AI Summary

Paratek Pharmaceuticals (NASDAQ:PRTK) has appointed Dr. Jeffrey Stein as its first Lead Independent Director, effective December 8, 2022. This decision was made unanimously by the independent Board members to leverage Dr. Stein’s extensive leadership experience and knowledge of the anti-infective sector. Dr. Stein has been a part of Paratek since its public emergence in 2014 and currently serves as the President and CEO of Cidara Therapeutics. His new role aims to enhance governance and reflect best practices for public companies at Paratek's development stage.

Positive

• Appointment of Dr. Jeffrey Stein as Lead Independent Director aligns with governance best practices.
• Dr. Stein's extensive experience and historical knowledge of the company could strengthen leadership.

Negative

• Potential concerns about the continuity of independent board oversight with the new appointment.

BOSTON, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (NASDAQ:PRTK) today announced that the Company’s independent directors of the Board have appointed Jeffrey Stein, PhD as its first Lead Independent Director, effective December 8, 2022.

Dr. Stein was selected unanimously by the independent directors of the Board, in recognition of his extensive leadership experience, in-depth knowledge of Paratek and the business of the anti-infective industry, strong financial and operational track record, and demonstrated independent judgment, integrity and commitment to the role. Having served as a director of Paratek since its emergence as a public company in 2014, Dr. Stein has broad experience, including as current President, CEO and Director of Cidara Therapeutics, Inc. since 2014, and previously CEO of Truis Therapeutics, Inc. from 2007, until its acquisition by Cubist Pharmaceuticals, Inc. in 2013. As lead independent director, Dr. Stein will assume all the duties and responsibilities of the position, including presiding over executive sessions of independent directors, being an externally facing independent director, and coordinating with Michael F. Bigham, Executive Chairman in overall governance and Board matters.

“Today’s announcement reflects a thoughtful and deliberate process by the independent directors of the Board who strongly believe that Dr. Stein’s experience and abilities make him particularly qualified to serve in the capacity of Lead Independent Director.   This newly created role represents best practices for a public company like Paratek at its stage of development,” said Mr. Bigham.

Evan Loh, M.D., Paratek chief executive officer noted, “Jeff is a proven leader and brings to this new role integrity, deep domain expertise, and critical thinking with a collaborative approach.”

“I am honored to be selected by my colleagues for this new role.  I look forward to serving in my expanded capacity,” said Dr. Stein.

Dr. Stein will continue to serve as Chair of the Board’s Compensation Committee and member of the Audit Committee.

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 with NUZYRA in a rare disease, non-tuberculous mycobacterial (NTM) pulmonary disease, caused by Mycobacterium abscessus complex. Paratek estimates this opportunity represents a potential $1 billion addressable market in the United States.

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 $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:

Investor Relations:
Hans Vitzthum
LifeSci Advisors
ir@ParatekPharma.com
Phone: 617-430-7578

Media:
Christine Fanelle
Scient PR
Christine@scientpr.com
Phone: 215-595-5211

FAQ

Who is the new Lead Independent Director of Paratek Pharmaceuticals?

Dr. Jeffrey Stein has been appointed as the Lead Independent Director of Paratek Pharmaceuticals, effective December 8, 2022.

What experience does Dr. Stein bring to Paratek Pharmaceuticals?

Dr. Stein has extensive leadership experience in the biopharmaceutical industry and has served on Paratek's Board since its public offering in 2014.

What is the significance of appointing a Lead Independent Director?

The role of Lead Independent Director enhances corporate governance by ensuring independent oversight and improving board effectiveness, especially at Paratek's current development stage.

What are Dr. Stein's responsibilities as Lead Independent Director?

Dr. Stein will preside over executive sessions of independent directors, serve as an external-facing director, and coordinate governance matters with the Executive Chairman.