BOSTON, Aug. 01, 2017 (GLOBE NEWSWIRE) -- 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
