Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical
company focused on the development and commercialization of
innovative therapies based upon tetracycline chemistry, today
announced that on July 31, 2017, the Company granted stock options
and restricted stock units to four new employees of the Company.
These awards were granted pursuant to the Paratek Pharmaceuticals,
Inc. 2017 Inducement Plan, 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, 70,500
shares of the Company’s common stock at a per share exercise price
of $19.45, the closing sales price on July 31, 2017, 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, 21,500 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, 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 biopharmaceutical company
focused on the development and commercialization of innovative
therapies based upon its expertise in novel tetracycline chemistry.
Paratek's lead product candidate, omadacycline, if approved, will
be the first in a new class of tetracyclines known
as aminomethylcyclines, with broad-spectrum activity against
Gram-positive, Gram-negative and atypical bacteria. Omadacycline is
a new, once-daily oral and intravenous broad-spectrum antibiotic
being developed for use as empiric monotherapy for patients
suffering from serious community-acquired bacterial infections,
such as acute bacterial skin and skin structure infections,
community-acquired bacterial pneumonia, urinary
tract infections, and other community-acquired bacterial
infections, particularly when antibiotic resistance is of concern
to prescribing physicians. Omadacycline has been granted
Qualified Infectious Disease Product designation and Fast Track
status by the U.S. Food and Drug Administration for the
target indications.
In June 2016, Paratek announced positive efficacy data in a
Phase 3 registration study in acute bacterial skin and skin
structure infections (OASIS-1) demonstrating the efficacy and
general safety and tolerability of intravenous (IV) to once-daily
oral omadacycline compared to linezolid. In April 2017,
Paratek announced positive efficacy data in a Phase 3 registration
study in community-acquired bacterial pneumonia (OPTIC)
demonstrating the efficacy and general safety and tolerability of
IV to once-daily oral omadacycline compared to moxifloxacin.
In July 2017, Paratek announced positive efficacy data in a
Phase 3 registration study in acute bacterial skin and skin
structure infections (OASIS-2) demonstrating the efficacy and
general safety and tolerability of oral-only omadacycline compared
to linezolid. The Company plans to submit its NDAs in the U.S. as
early as the first quarter of 2018 with an EMA submission later in
2018.
In addition to its Phase 3 program for omadacycline,
in November 2016, Paratek reported positive top-line PK
proof-of-principle data in a Phase 1B study in uncomplicated
urinary tract infections (UTI). The Company plans to begin
enrolling patients in a proof-of-concept Phase 2 study of
omadacycline in acute pyelonephritis, the most common subset of
complicated urinary tract infections, as early as December
2017.
In October 2016, Paratek announced a research agreement
with the U.S. Department of Defense to explore the
utility of omadacycline against pathogenic agents causing
infectious diseases of public health and biodefense importance
including plague and anthrax.
In April 2017, Paratek Bermuda Ltd., a wholly-owned
subsidiary of the Company, and Zai Lab (Shanghai) Co., Ltd.,
entered into a License and Collaboration Agreement. Under the terms
of the Agreement, the Company granted Zai an exclusive license to
develop, manufacture, and commercialize omadacycline in the
People’s Republic of China, Hong
Kong, Macau and Taiwan, for all human therapeutic
and preventative uses, other than biodefense.
Paratek's second Phase 3 product candidate, sarecycline, is a
well-tolerated, once-daily oral, narrow spectrum
tetracycline-derived antibiotic with potent anti-inflammatory
properties for the potential treatment of acne and rosacea in the
community setting. Allergan owns the U.S. rights for the
development and commercialization of sarecycline. Paratek retains
all ex-U.S. rights. Allergan and Paratek reported
positive results from two identical Phase 3 registration studies of
sarecycline for the treatment of moderate to severe acne vulgaris
in March 2017. Allergan has publicly announced plans to submit
an NDA in the U.S. in the second half of 2017.
For more information, visit www.paratekpharma.com.
Forward Looking Statements This press release
contains forward-looking statements including statements related to
our overall strategy, product candidates, clinical studies,
prospects, potential and expected results, including statements
about the timing of advancing omadacycline and otherwise preparing
for clinical studies, the timing of enrollment in our clinical
studies and our reporting of the results of such studies, the
potential for omadacycline to serve as an empiric monotherapy
treatment option for patients suffering from ABSSSI, CABP, UTI, and
other bacterial infections when resistance is of concern, the
prospect of omadacycline providing broad-spectrum activity, and our
ability to obtain regulatory approval of omadacycline All
statements, other than statements of historical facts, included in
this press release are forward-looking statements, and are
identified by words such as "advancing," "believe," "expect," "well
positioned," "look forward," "anticipated," "continued," and other
words and terms of similar meaning. These forward-looking
statements are based upon our current expectations and involve
substantial risks and uncertainties. We may not actually
achieve the plans, carry out the intentions or meet the
expectations or projections disclosed in our forward-looking
statements and you should not place undue reliance on these
forward-looking statements. Our actual results and the timing
of events could differ materially from those included in such
forward-looking statements as a result of these risks and
uncertainties. These and other risk factors are discussed
under "Risk Factors" and elsewhere in our Annual Report on Form
10-K for the year ended December 31, 2016, and our other
filings with the Securities and Exchange Commission. We
expressly disclaim any obligation or undertaking to update or
revise any forward-looking statements contained herein.
CONTACTS:
Media Relations:
Michael Lampe
(484) 575-5040
michael@scientpr.com
Investor Relations:
Hans Vitzthum
LifeSci Advisors, LLC.
212-915-2568
Paratek Pharmaceuticals (NASDAQ:PRTK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Paratek Pharmaceuticals (NASDAQ:PRTK)
Historical Stock Chart
From Apr 2023 to Apr 2024