Navigation Links
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. Paratek is advancing novel compounds that can circumvent or block bacterial resistance. Paratek's lead compound, PTK 0796, is a broad spectrum antibiotic derived from the tetracycline class with oral and IV formulations that is being developed for the treatment of the most common serious hospital bacterial infections, including those caused by resistant strains such as MRSA (methicillin-resistant Staphylococcus aureus) and MDRSP (multi-drug resistant Streptococcus pneumoniae). Oral and IV formulations of PTK 0796 were compared to Zyvox(R) in a recently completed Phase 2 clinical study in complicated skin and skin structure infections (cSSSI). In addition to PTK 0796, Paratek is also developing other broad- and narrow-spectrum tetracycline antibiotics to treat hospital and community infections based on its novel tetracycline chemistry expertise.

Outside of its tetracycline program, Paratek has also identified small molecules that inhibit bacteria-specific proteins called Multiple Adaptational Response (MAR) proteins that control bacterial infectivity and resistance development. MAR inhibitors would be used to prevent life-threatening and debilitating infections such as ventilator-associated pneumonia (VAP) and hospital acquired pneumonia (HAP) and to enhance the activity of antibiotics against resistant bacteria, and since they do not directly attack bacteria, they would be less likely to engender resistance development.

Based upon a growing body of clinical research and as part of its effort to exploit its novel tetracycline derivatives and their unique mechanism of action in selected inflammatory and neurodegenerative conditions, Paratek has an active chemical synthesis effort to produce novel and diverse small molecules, with the goal of developing non-antibacterial compounds with improved activity in serious inflammatory and neurodegenerative diseases. Paratek's most advanced projects in this area are its multiple sclerosis, rheumatoid arthritis and ischemic stroke programs.

Paratek has active collaborations with Merck & Co., MerckSerono, Warner-Chilcott and FSMA to develop orally available small molecule drugs for bacterial infections, multiple sclerosis, acne & rosacea, and spinal muscular atrophy (SMA), respectively. Paratek is privately held and headquartered in Boston, Massachusetts, USA. For more information about Paratek and its research and development initiatives, visit Paratek's website at http://www.paratekpharm.com/.


'/>"/>
SOURCE Paratek Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Vion Pharmaceuticals Pays Interest on 7.75% Convertible Senior Notes
2. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
3. Vion Pharmaceuticals Completes Accrual of 85 Patients to its Pivotal Phase II Trial of Cloretazine(R) (VNP40101M) in Elderly AML
4. XTL Biopharmaceuticals Announces Financial Results for the Six Months Ended June 30, 2007
5. Cadence Pharmaceuticals Reports Second Quarter 2007 Financial Results
6. Nabi Biopharmaceuticals to Present at Upcoming Industry Conferences
7. Anadys Pharmaceuticals Appoints Steve Worland, Ph.D. as President and Chief Executive Officer
8. Poniard Pharmaceuticals Announces Participation in Upcoming Conferences
9. NovaQuest Advances Virtual Development Model With Strategic Investment in TOPIGEN Pharmaceuticals
10. Drug Royalty Corporation (DRC) Announces Acquisition Regarding PEG-INTRON(R) From Enzon Pharmaceuticals, Inc. (ENZN)
11. Sunesis Pharmaceuticals Announces Reorganization to Focus Resources and Build Value in Clinical-Stage Programs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/21/2017)... ... 21, 2017 , ... Having worked on the design of the innovative ... it to top lab design architects from around the country at the Lab Design ... Design and Engineering Greg Casey will be at the show, where they will highlight ...
(Date:4/21/2017)... ... ... Frederick Innovative Technology Center, Inc. (FITCI), a business incubator ... is hosting “Celebration Friday” (a festive gathering highlighting client success stories) and BioBeers ... at 3:30 p.m. at FITCI’s 4539 Metropolitan Court location, off English Muffin Way. ...
(Date:4/20/2017)... , April 20, 2017  Eli Lilly and ... 2 data evaluating galcanezumab for the prevention of migraine ... which will take place April 22-28, 2017, in ... present four abstracts at AAN, including safety and patient ... factors associated with a reduction in monthly migraine headache ...
(Date:4/20/2017)... - Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("Prometic" or ... Congress ("ILC") 2017 of the European Association for the Study ... on the positive effects of PBI-4050 on reduction of non-alcoholic ... syndrome. ... Lyne Gagnon, Vice-President of R&D Pre-clinical of Prometic "This extensive ...
Breaking Biology Technology:
(Date:4/5/2017)... 2017  The Allen Institute for Cell Science today ... one-of-a-kind portal and dynamic digital window into the human ... first application of deep learning to create predictive models ... and a growing suite of powerful tools. The Allen ... future publicly available resources created and shared by the ...
(Date:3/30/2017)... March 30, 2017  On April 6-7, 2017, Sequencing.com ... Genome hackathon at Microsoft,s headquarters in ... will focus on developing health and wellness apps that ... Hack the Genome is the first hackathon for ... world,s largest companies in the genomics, tech and health ...
(Date:3/27/2017)... March 27, 2017  Catholic Health Services (CHS) ... Systems Society (HIMSS) Analytics for achieving Stage 6 ... sm . In addition, CHS previously earned a ... using an electronic medical record (EMR). ... level of EMR usage in an outpatient setting.  ...
Breaking Biology News(10 mins):