Paratek Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
March 01 2021 - 4:01PM
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
February 26, 2021, the Company granted stock options and restricted
stock units to eight 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, 12,350
shares of the Company’s common stock at a per share exercise price
of $7.48, the closing sales price on February 26, 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, 3,000 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.For more information,
visit www.ParatekPharma.com or follow
@ParatekPharma on Twitter.CONTACT:Investor and Media
Relations: Ben Strain
617-807-6688 ir@ParatekPharma.com
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