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:6/27/2016)... June 27, 2016  Global demand for enzymes ... through 2020 to $7.2 billion.  This market includes ... cleaning products, biofuel production, animal feed, and other ... and biocatalysts). Food and beverages will remain the ... increasing consumption of products containing enzymes in developing ...
(Date:6/27/2016)... ... June 27, 2016 , ... ... findings on what they believe could be a new and helpful biomarker for ... research. Click here to read it now. , Biomarkers are components ...
(Date:6/27/2016)... , ... June 27, 2016 , ... ... for Amgen, will join the faculty of the University of North Carolina ... professor of strategy and entrepreneurship at UNC Kenan-Flagler, with a focus on the ...
(Date:6/24/2016)... , June 24, 2016  Regular discussions on a ... take place between the two entities said Poloz. ... Ottawa , he pointed to the country,s ... the federal government. ... said, "Both institutions have common economic goals, why not sit ...
Breaking Biology Technology:
(Date:5/3/2016)... , May 3, 2016  Neurotechnology, a ... the MegaMatcher Automated Biometric Identification System (ABIS) ... large-scale multi-biometric projects. MegaMatcher ABIS can process multiple ... using any combination of fingerprint, face or iris ... MegaMatcher SDK and MegaMatcher Accelerator , ...
(Date:4/28/2016)... 2016 First quarter 2016:   ... with the first quarter of 2015 The gross margin ... (loss: 18.8) and the operating margin was 40% (-13) ... Cash flow from operations was SEK 249.9 M (21.2) , ... unchanged, SEK 7,000-8,500 M. The operating margin for 2016 ...
(Date:4/26/2016)... 27, 2016 Research and ... Biometrics Market 2016-2020"  report to their offering.  , ... The analysts forecast the global multimodal biometrics ... during the period 2016-2020.  Multimodal biometrics ... such as the healthcare, BFSI, transportation, automotive, and ...
Breaking Biology News(10 mins):