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Paratek Pharmaceuticals Completes $40 Million Private Placement to Finance Clinical Programs Including Oral Antibiotic to Combat MRSA and Other Infections
Date:4/16/2008

BOSTON, April 16 /PRNewswire/ -- Paratek Pharmaceuticals, Inc. announced today that it has closed the second and final tranche of a $40 million private financing. As previously announced, Aisling Capital led the financing, with additional participation by new investors, the D.E. Shaw group and Boston Life Science Venture Corporation, and prior investors, Nomura Phase4 Ventures, Novartis BioVentures, BioFund Ventures, HBM BioVentures, Lombard Odier Darier Hentsch, BioVeda Fund and Hercules Technology Growth Capital. Pacific Growth Equities served as placement agent for the financing.

Funding from the financing will allow for the initiation of Phase 3 studies of Paratek's most advanced broad-spectrum antibiotic, PTK 0796, which is being developed to treat serious, often life-threatening infections that require a hospital visit such as complicated skin and skin structure infections (cSSSI) and moderate to severe community-acquired pneumonias (CAP), including those caused by multi-drug resistant bacteria. The Company recently completed a Phase 2 clinical study of oral and intravenous (IV) forms of PTK 0796 in comparison to Zyvox(R) in patients with cSSSI.

The financing will also help Paratek continue developing additional products in its pipeline. Thomas J. Bigger, President and CEO of Paratek Pharmaceuticals, stated, "The second tranche of the financing was triggered by the successful completion and positive results of the Phase 2 clinical trials of oral and IV PTK 0796. The financing will be critical in advancing this program into Phase 3, which we expect to initiate later this year. We hope to announce the Phase 2 data at the appropriate peer-reviewed forum later this year."

About Paratek Pharmaceuticals

Paratek Pharmaceuticals, Inc. is engaged in the discovery and commercialization of new therapeutics that treat serious and life-threatening diseases, with a particular focus on the growing worldwide problem of antibiotic resistance.
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SOURCE Paratek Pharmaceuticals, Inc.
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