BOSTON, June 01, 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 on May 31,
2018, the Company granted stock options and restricted stock units to two 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, 4,800 shares of the Company’s common stock at a per share exercise price of
$10.45, the closing sales price on May 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, 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, 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 new,
once-daily oral and intravenous broad-spectrum antibiotic being developed for the treatment of serious community-acquired bacterial
infections, including community-acquired bacterial pneumonia (CABP), acute bacterial skin and skin structure infections (ABSSSI),
and urinary tract infections (UTI). 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 of ABSSSI, CABP, and UTI. Paratek
has completed Phase 3 development activities for omadacycline in CABP and ABSSSI, and its New Drug Applications to the
U.S. FDA have been accepted for priority review. The Company plans to submit a marketing authorization in
the European Union in the second half of this year. Paratek has entered into a collaboration agreement with Zai
Lab for the development and commercialization of omadacycline in the greater China region, 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 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. 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.
CONTACTS:
Investor and Media Relations:
Ben Strain
617-807-6688
ir@ParatekPharma.com
