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BOSTON, July 21, 2015 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon tetracycline chemistry, today opened its new corporate headquarters in Boston at 75 Park Plaza.
"This move comes at an important time for Paratek, as we have recently initiated a global Phase 3 program for our lead antibiotic compound, omadacycline. With two important products in Phase 3 clinical studies, we are now preparing for the next phase of our growth as a biopharmaceutical company," said Michael Bigham, Chairman and Chief Executive Officer, Paratek. "The Company takes pride in its origins as a Boston-based biopharmaceutical company, and we look forward to our continued growth here in Boston."
The address of the new headquarters is 75 Park Plaza, 4th floor, Boston, MA 02116. Paratek was previously located at at 75 Kneeland Street in Boston. In June Paratek opened a second office location in the Philadelphia area.
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. A Phase 3 program was initiated by Paratek in June 2015 for omadacycline for the treatment of ABSSSI. The CABP Phase 3 trial is planned to be initiated before the end of 2015.
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 Allergan, while retaining rights in the rest of the world. Allergan is responsible for the clinical development of sarecycline for the treatment of acne in the United States. A Phase 3 program was initiated by Allergan 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 growth as a biopharmaceutical company and in Boston. 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.
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Biopharmaceuticals are medical drugs produced using biotechnology. They include proteins (including antibodies), nucleic acids (DNA, RNA or antisense oligonucleotides) and living microorganisms like virus and bacteria where the virulance of viruses and b...