Paratek completes $40 million private placement

Funding from the financing will allow for the initiation of Phase III studies of Paratek’s broad-spectrum antibiotic, PTK 0796, which is being developed to treat serious, often life-threatening infections that require a hospital visit such as complicated skin and skin structure infections (cSSSI) and moderate to severe community-acquired pneumonias (CAP), including those caused by multi-drug resistant bacteria. The financing will also help Paratek continue developing additional products in its pipeline.

Thomas Bigger, president and CEO of Paratek, said: “The second tranche of the financing was triggered by the successful completion and positive results of the Phase II clinical trials of oral and IV PTK 0796. The financing will be critical in advancing this program into Phase III, which we expect to initiate later this year.”