PARATEK PHARMACEUTICALS, INC. (NASDAQ:PRTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 15, 2019, Douglas Pagán resigned as Chief Financial Officer of Paratek Pharmaceuticals, Inc. (the “Company”), effective April 5, 2019, to joinan early-stagebiopharmaceutical company. There were no disagreements between Mr. Pagán and the Company on any matter relating to the Company’s operations, policies or practices that resulted in his resignation. The Company has initiated a search to identify and recruit a new candidate for the role of Chief Financial Officer.
On March 15, 2019, the Company and Mr. Pagán entered into a consulting agreement to assist the Company in the orderly transition of his Chief Financial Officer responsibilities (the “Consulting Agreement”). to the Consulting Agreement, Mr. Pagán will be available to answer questions and otherwise assist in the transition of his responsibilities in a manner that does not interfere with his responsibilities to his new employer.In connection with the execution of the Consulting Agreement, Mr. Pagán was granted 30,000 Restricted Stock Units, which will vest on December 23, 2019, subject to material compliance with the Consulting Agreement and his executing a customary release.
Effective upon Mr. Pagán’s resignation, Sarah Higgins, 43, the Company’s Vice President and Controller, will serve as the Company’s Principal Financial Officer and Principal Accounting Officer on an interim basis.Ms. Higgins joined the Company in March 2015 as Controller and was promoted to Vice President in July 2017. Prior to joining the Company, she spent nine years at Millennium Pharmaceuticals, Inc., now the oncology business of Takeda Pharmaceutical Company Limited, in financial roles of increasing responsibility and scope from March 2006 to December 2014. Ms. Higgins is a Certified Public Accountant and received a Bachelor of Science degree in Accounting from Fairfield University.
A copy of the Consulting Agreement and press release announcing Mr. Pagán’s resignation is filed herewith as Exhibits 10.1 and 99.1, respectively, and the information contained therein is incorporated by reference into this Current Report on Form 8-K.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
Paratek Pharmaceuticals, Inc. Exhibit
EX-10.1 2 prtk-ex101_7.htm EX-10.1 prtk-ex101_7.htm Exhibit 10.1 PARATEK PHARMACEUTICALS paratekpharma.com 75 Park Plaza Boston,…
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About PARATEK PHARMACEUTICALS, INC. (NASDAQ:PRTK)
Paratek Pharmaceuticals, Inc. (Paratek), formerly Transcept Pharmaceuticals, Inc. is a pharmaceutical company focused on the development and commercialization of antibacterial therapeutics based upon tetracycline chemistry. Paratek’s antibacterial product candidates are omadacycline and sarecycline. Omadacycline is a broad-spectrum antibiotic for use as an empiric monotherapy for community-acquired bacterial infections, such as acute bacterial skin and skin structure infections (ABSSSI), community-acquired bacterial pneumonia (CABP) and urinary tract infections (UTI). The Company’s sarecycline is a Phase III antibacterial product candidate and was previously known as WC3035. Sarecycline is designed for use in the treatment of acne and rosacea. The Company’s other product candidates are tetracycline-derived, molecular entities and are designed to utilize the recognized immune-modulation, anti-inflammatory and other beneficial properties of the tetracycline class.
