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 June 24, 2019, the Board of Directors (the “Board”) of Paratek Pharmaceuticals, Inc. (the “Company”) promoted Evan Loh, M.D., age 60, to Chief Executive Officer, effective June 25, 2019. Dr. Loh will also serve as the Company’s principal executive officer and continue to serve on the Company’s Board. Dr. Loh previously served as the Company’s Chief Operating Officer since January 2017 and as its President and Chief Medical Officer since June 2014. Prior to the Company’s merger with Transcept Pharmaceuticals, Inc. (“Transcept”), Dr. Loh was Chief Medical Officer and Chairman of the Board from June 2012 to June 2014. Dr. Loh currently serves on the board of directors of Eiger Biopharmaceuticals, Inc. and as Chairman of the Antimicrobials Working Group. Dr. Loh previously served on the board of directors of Nivalis Therapeutics from February 2013 until its merger with Alpine Immune Sciences, Inc. in July 2017.
On June 24, 2019, the Board appointed Michael F. Bigham, age 62, who served as the Company’s Chief Executive Officer and Chairman since June 2014 (prior to the Company’s merger with Transcept), to the newly created role of Executive Chairman, effective June 25, 2019, in which he will provide strategic guidance and leadership to the Company. Mr. Bigham currently serves on the board of directors of Adamas Pharmaceuticals, Inc.
On June 24, 2019, the Board promoted Adam Woodrow, age 52, to President and Chief Commercial Officer, effective June 25, 2019. Mr. Woodrow previously served as the Company’s Chief Commercial Officer since October 2014. Prior to that, from October 2009 until September 2014, Mr. Woodrow worked for Pfizer Inc. in various strategic and operational commercial roles.
On June 25, 2019, in connection with the above-described promotions and appointments, the Company entered into amended and restated employment agreements (the “Amended Employment Agreements”) with each of Mr. Bigham, Dr. Loh and Mr. Woodrow. The Amended Employment Agreements amend, restate, and supersede the executives’ existing employment agreements, which were each dated August 4, 2017 (the “Existing Employment Agreements”).
The Amended Employment Agreement of Dr. Loh provides that, effective July 1, 2019, Dr. Loh will earn an annualized base salary of $530,000 and be eligible to earn a discretionary performance bonus of up to 55% of such base salary.
The Amended Employment Agreement of Mr. Bigham provides that, effective July 1, 2019, Mr. Bigham will earn an annualized base salary of $500,000 and be eligible to earn a discretionary performance bonus of up to 55% of such base salary.
The Amended Employment Agreement of Mr. Woodrow provides that, effective July 1, 2019, Mr. Woodrow will earn an annualized base salary of $430,000 and be eligible to earn a discretionary performance bonus of up to 45% of such base salary.
The foregoing is a brief description of the material terms of the Amended Employment Agreements that differ from the Existing Employment Agreements and is qualified by reference to the full text of the Amended Employment Agreements, copies of which the Company intends to file with the U.S. Securities and Exchange Commission as exhibits to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.
A copy of the press release announcing the above-described promotions and appointments is filed herewith as Exhibit 99.1 and the information contained therein is incorporated by reference into this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Paratek Pharmaceuticals, Inc. Exhibit
EX-99.1 2 prtk-ex991_6.htm EX-99.1 prtk-ex991_6.htm Exhibit 99.1 Paratek Pharmaceuticals Promotes Evan Loh,…
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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.
