KING OF PRUSSIA, Pa., June 11, 2015 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon tetracycline chemistry, has opened a new Philadelphia office. The new office is located in King of Prussia, Pennsylvania.
"With two important antibiotic products in development, we have been growing our team rapidly. Our presence in Philadelphia enables us to attract world-class talent from the area's biopharmaceutical industry," said Evan Loh, President and Chief Medical Officer, Paratek. "This has already helped us identify and recruit key talent and will be critical as we continue to grow going forward."
Paratek, which is headquartered in Boston, opened its Philadelphia-area office in King of Prussia. The company currently employs 11 people in the Philadelphia region and expects to add to its local headcount over the next year as it advances its lead clinical development product candidate, omadacycline.
About Paratek
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, is an aminomethylcycline, derived from tetracyclines.
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 (ABSSSI), community acquired bacterial pneumonia (CABP), urinary tract infections (UTI), and other community-acquired bacterial infections, particularly when antibiotic resistance is of concern to prescribing physicians.
Paratek's second product candidate, sarecycline, also known as WC 3035, is a new once-daily oral tetracycline-derived compound, designed to provide both a narrow-spectrum of antibiotic activity and favorable tolerability profile, for the treatment of acne and rosacea in the community setting. Paratek has licensed rights to sarecycline for the treatment of acne in the United States to a subsidiary of Actavis, formerly Warner Chilcott, while retaining rights in the rest of the world. Actavis is responsible for the clinical development of sarecycline for the treatment of acne in the United States. A Phase 3 program was initiated by Actavis in December 2014 for sarecycline for the treatment of moderate to severe inflammatory acne.
Forward Looking Statements
This press release contains forward-looking statements including statements related to our ability to attract world-class talent from the Philadelphia-area's biopharmaceutical industry, our continued growth in local headcount and advancing our lead product candidate into phase 3 clinical development. 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, which include, without limitation, risks related to (i) our need for substantial additional funding to complete the development and commercialization of our product candidates, (ii) our ability to raise the capital to do so, (iii) our ability to develop our drug candidates for potential commercialization, (iv) the timing of our clinical trials, (v) the potential use and effectiveness of omadacycline and sarecycline, (vi) data to date and trends not being predictive of future results, and (vii) our clinical trials and product candidates not receiving regulatory approval. These and other risk factors are discussed under "Risk Factors" and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, 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.