BOSTON, April 18, 2018 (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 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 Statements
This 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.
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