Paratek Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
September 04 2018 - 4:30PM
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 August 31, 2018, 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, 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, 6,050 shares
of the Company’s common stock at a per share exercise price of
$10.25, the closing sales price on August 31, 2018, 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, 4,900 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. The company’s lead product candidate, Omadacycline, is a
novel investigational antibiotic with both once-daily intravenous
(IV) and oral formulations for the treatment of community-acquired
bacterial pneumonia (CABP), acute bacterial skin and skin structure
infections (ABSSSI), and urinary tract infections (UTI). A
modernized tetracycline, omadacycline is specifically designed to
overcome tetracycline resistance and exhibits activity across a
broad spectrum of bacteria, including Gram-positive, Gram-negative,
anaerobes, atypical bacteria, and other drug-resistant strains.
Omadacycline has been granted Qualified Infectious Disease
Product designation and Fast Track status by the U.S. Food and
Drug Administration (FDA) for the target indications of CABP,
ABSSSI, and UTI. The FDA has accepted the New Drug
Applications for CABP and ABSSSI and has granted omadacycline
priority review. The PDUFA date for both new drug
applications is in early October 2018. Paratek is
also preparing a marketing authorization application in
the European Union. Paratek has entered into a collaboration
agreement with Zai Lab for the development and
commercialization of omadacycline in the greater Chinaregion
and retains all remaining global rights.
Under a research agreement with the U.S. Department of
Defense, omadacycline also is being studied against pathogenic
agents causing infectious diseases of public health and biodefense
importance, including plague and anthrax.
Paratek’s second Phase 3 product candidate, SEYSARA™
(sarecycline), is being developed by Allergan in the U.S.
as a new once-daily oral therapy for the treatment of
acne. Allergan has completed Phase 3 development
activities for SEYSARA and its new drug application was accepted
for review by the U.S. FDA in December 2017. The
PDUFA date for SEYSARA is in the second half of 2018. Paratek
retains all ex-U.S. rights to sarecycline.
Recognizing the serious threat of bacterial infections, Paratek
is dedicated to providing solutions that enable positive outcomes
and lead to better patient stories.For more information,
visit www.ParatekPharma.com or follow @ParatekPharma on
Twitter.
Forward Looking Statements
This press release contains forward-looking statements including
statements related to our overall strategy, product candidates,
prospects, potential and expected results, including statements
about the development, launch and commercialization of
omadacycline, the potential for omadacycline to treat ABSSSI, CABP,
UTI and other serious community-acquired bacterial infections, the
prospect of omadacycline providing broad-spectrum activity, our
ability to obtain regulatory approval of omadacycline and our
anticipated transition to a commercial stage organization. All
statements, other than statements of historical facts, included in
this press release are forward-looking statements, and are
identified by words such as “potential,” “prospective,” “prepare”
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, 2017, 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.
CONTACT:Investor and Media
Relations: Ben Strain 617-807-6688
ir@ParatekPharma.com
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