Biotech

Paratek Pharmaceuticals (Nasdaq:PRTK), a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon tetracycline chemistry, today announced that it intends to offer, subject to market and other conditions, $125 million aggregate principal amount of convertible senior subordinated notes due 2024. The notes will be offered and sold only to qualified institutional …

Paratek Pharmaceuticals (Nasdaq:PRTK), a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon tetracycline chemistry, today announced that it intends to offer, subject to market and other conditions, $125 million aggregate principal amount of convertible senior subordinated notes due 2024. The notes will be offered and sold only to qualified institutional buyers in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.

As quoted in the press release:

Paratek also expects to grant the initial purchasers of the notes an option to purchase up to an additional $18.75 million aggregate principal amount of the notes. The notes will also be redeemable at the option of Paratek after a specified date if certain conditions are met.

Paratek intends to use the net proceeds from this offering, together with its existing capital resources, to fund its ongoing and future clinical studies of omadacycline, to fund commercial launch, and for working capital and other general corporate purposes.

Click here to read the full press release.

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