Paratek Pharmaceuticals, Inc. Announces Proposed Private Offering of $125 Million of Convertible Senior Subordinated Notes d...
April 18 2018 - 4:01PM
Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical
company focused on the development and commercialization of
innovative therapies based upon tetracycline chemistry, today
announced that it intends to offer, subject to market and other
conditions, $125 million aggregate principal amount of convertible
senior subordinated notes due 2024. The notes will be offered and
sold only to qualified institutional buyers in a private offering
pursuant to Rule 144A under the Securities Act of 1933, as amended.
Paratek also expects to grant the initial purchasers of the notes
an option to purchase up to an additional $18.75 million aggregate
principal amount of the notes. The notes will also be
redeemable at the option of Paratek after a specified date if
certain conditions are met.
Paratek intends to use the net proceeds from this offering,
together with its existing capital resources, to fund its ongoing
and future clinical studies of omadacycline, to fund commercial
launch, and for working capital and other general corporate
purposes.
The notes will be senior subordinated obligations of Paratek and
will accrue interest payable semiannually in arrears. The notes and
any shares of common stock issuable upon conversion of the notes
may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Securities
Act of 1933, as amended, and any applicable state securities
laws.
The offer and sale of the notes are not being registered under
the Securities Act of 1933, as amended, or any state securities
laws. The notes may not be offered or sold in the United States
except pursuant to an exemption from the registration requirements
of the Securities Act of 1933, as amended, and any applicable state
securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities, in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the laws of
such jurisdiction.
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 has
used its expertise in biology and tetracycline chemistry to create
chemically diverse and biologically distinct small molecules
derived from the minocycline core structure. Paratek’s two lead
product candidates are antibacterial omadacycline and
sarecycline.
Forward-Looking StatementsThis press release
contains forward-looking statements, including but not limited to
statements about Paratek’s intention to commence the proposed
offering, the expected terms, timing and size of the proposed
offering and Paratek’s anticipated use of proceeds. All statements,
other than statements of historical facts, included in this press
release are forward-looking statements, and are identified by words
such as “intends,” “expects,” and other words and terms of similar
meaning. These forward-looking statements involve risks and
uncertainties, many of which are beyond Paratek’s control,
including risks and uncertainties related to market conditions, the
expected terms and timing of the proposed offering, the notes, the
satisfaction of customary closing conditions related to the
proposed offering and the risk that Paratek may not be able to
consummate the proposed offering on the anticipated terms, or at
all. Applicable risks also include those that are included in the
“Risk Factors” section of Paratek’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2017, in addition to the risk
factors that are included from time to time in Paratek’s subsequent
filings with the Securities and Exchange Commission. Investors are
cautioned not to rely on these forward-looking statements when
making an investment decision. Any forward-looking statement
in this press release represents Paratek’s views only as of the
date of this press release and should not be relied upon as
representing its views as of any subsequent date. Paratek does not
undertake any obligation to publicly update its forward-looking
statements based on events or circumstances after the date hereof,
except as required by applicable law.
CONTACTS:
Investor and
Media Relations: Ben Strain 617-807-6688
ir@ParatekPharma.com |
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