KING OF PRUSSIA, Pa., March 24, 2017 (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 expanded office in King of Prussia, Pennsylvania. Located on First Avenue, the new space is designed to accommodate the Company’s growing development, manufacturing, and commercial organizations.
“It’s an incredibly exciting time at Paratek as we get closer to potentially bringing our lead product candidate, omadacycline, to market,” said Evan Loh, M.D., President, Chief Operating Officer, Chief Medical Officer and Director at Paratek. “Our expanded home in King of Prussia provides our growing team with the physical space and resources to fuel our continued commitment to bringing the very best in innovative antibiotic treatment options to patients to improve and potentially save lives.”
On hand for the office’s ribbon cutting ceremony were state and local officials, as well as local organizations and community partners.
“Paratek’s expanded presence in King of Prussia is a testament to the vibrant life sciences industry in this region,” said State Representative Tim Briggs, D-Montgomery. “The world-class talent available here and breadth of like-minded companies focused on scientific discovery and development make King of Prussia a natural fit for Paratek to help fuel the Company’s commitment to biotech innovation.”
“Paratek's work to address the significant unmet need for new antibiotics to treat common, serious infections is hugely important for the health of our communities,” said Christopher P. Molineaux, President and Chief Executive Officer, Life Sciences Pennsylvania. “We are proud that this promising effort is happening here in Pennsylvania.”
The renovated office space will initially house approximately 30 full-time employees, the majority of whom are focused on development and registration activities to support the potential New Drug Application to the U.S. Food and Drug Administration (FDA). At the appropriate time, Paratek plans to expand to bring in talented resources to provide for a successful launch of omadacycline, a novel broad spectrum once-daily oral and intravenous antibiotic being developed to treat serious community-acquired infections such as acute skin and skin structure infections and community-acquired bacterial pneumonia. Paratek anticipates adding as many as 65 employees in King of Prussia over the next 24 months as registration and pre-commercial activities ramp up prior to launch and has built the new office space to accommodate this projected rapid expansion.
The ability to continue to build a thriving organization in King of Prussia is an important part of Paratek’s growth strategy. Paratek opened its first office in the area in 2015 to complement the Company’s corporate headquarters in Boston, Massachusetts and attract highly skilled talent from the area’s biopharmaceutical industry. In the past two years, the Company has nearly tripled in size and evolved to being an active member of Life Sciences PA, the state’s industry association, thereby drawing leadership lessons coupled with business and scientific comradery from other biopharmaceutical companies in the area.
About Paratek Pharmaceuticals, Inc.
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 the first in a new class of tetracyclines known as aminomethylcyclines, with broad-spectrum activity against Gram-positive, Gram-negative and atypical bacteria. In June 2016, Paratek announced positive efficacy data in a Phase 3 registration study in acute bacterial skin and skin structure infections (ABSSSI) demonstrating the efficacy and safety of intravenous (IV) to once-daily oral omadacycline compared to linezolid. A Phase 3 registration study for community-acquired bacterial pneumonia (CABP) comparing IV-to-once-daily oral omadacycline to IV-to-oral moxifloxacin was initiated in November 2015 and completed enrollment in January 2017. Paratek will report top-line data from this study early in the second quarter of 2017. A Phase 3 registration study in ABSSSI comparing once-daily oral-only dosing of omadacycline to twice-daily oral-only dosing of linezolid was initiated in August 2016. Top-line data from this study are expected as early as the second quarter of 2017. A Phase 1B study in uncomplicated urinary tract infections (UTI) was initiated in May 2016 and positive top-line PK proof-of-principle data were reported in November 2016. The company plans to begin enrolling patients in a proof-of-concept Phase 2 study in complicated UTI as early as the fourth quarter of 2017. Omadacycline has been granted Qualified Infectious Disease Product designation and Fast Track status by the U.S. Food and Drug Administration for several indications.
