BOSTON, June 27, 2016 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon tetracycline chemistry, has completed its previously announced offering of 4,887,500 shares of common stock at a public offering price of $13.00, which includes 637,500 shares of common stock issued upon the exercise, in full, by the underwriters of an option to purchase additional shares from Paratek. The aggregate net proceeds before expenses to Paratek are approximately $59.7 million, after deducting underwriting discounts and commissions.
Leerink Partners and Guggenheim Securities served as joint book-running managers. Ladenburg Thalmann and BTIG served as co-managers. Additionally, Paratek retained the services of Baird and H.C. Wainwright & Co., LLC as financial advisors.
Paratek intends to use the net proceeds from the offering, together with its existing capital resources, to fund its planned clinical studies of omadacycline, including an oral-only Phase 3 study of omadacycline for the treatment of acute bacterial skin and skin structure infections, to fund activities required to support a new drug application submission for omadacycline for the treatment of acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia, including manufacture of registration and validation batches and establishment of secondary manufacturing suppliers for its active pharmaceutical ingredient and drug product and for working capital and other general corporate purposes.
The offering was made pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission (the “SEC”) on April 27, 2015. A preliminary prospectus supplement related to the offering was filed with the SEC on June 20, 2016, and a final prospectus supplement related to the offering will be filed with the SEC.
Copies of the prospectus for this offering may be obtained, when available, by contacting Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, email: Syndicate@Leerink.com, phone: (800) 808-7525 ext. 6142; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Ave, 8th Floor, New York, NY 10017, email: GSEquityProspectusDelivery@guggenheimpartners.com, phone: (212) 518-9658.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Forward-Looking Statements
Any statements in this press release that are not historical or current facts are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Paratek cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Applicable risks and uncertainties include those identified under the heading “Risk Factors” included in Paratek’s shelf registration statement declared effective by the SEC on April 27, 2015, the preliminary prospectus supplement related to the proposed offering filed with the SEC on June 20, 2016 and Paratek’s Annual Report on Form 10-K for the year ended December 31, 2015 and any subsequent SEC filings. These forward-looking statements speak only as of the date of this press release and Paratek assumes no duty to update forward-looking statements.