Paratek Pharmaceuticals IPO to watch: The pharmaceutical company filed an $92 million IPO (initial public offering) with the SEC (Securities and Exchange Commission) on September 27, 2012. The preliminary prospectus shows that the company plans to list its common stock on the NASDAQ Global Market under the symbol “PRTK.”
UBS Investment Bank and Leerink Swann are acting as the joint book-running managers for Paratek Pharmaceuticals IPO.
Paratek Pharmaceuticals is a pharmaceutical company focused on the discovery, development, and commercialization of innovative medicines with lead product candidate, omadacycline, a new tetracycline-derived, broad-spectrum antibiotic targeted to the treatment of community-acquired bacterial infections.
The company recognized revenues of $25.77 million and $53.29 million for years ended December 31, 2010 and 2011, respectively, representing a year-on-year increase of 106.79%. The company grew its net incomes significantly from $1.52 million in 2010 to $33.96 million in 2011. For the six months ended June 30, 2011, the company incurred a net loss of $2.21 million on revenue of $2.82 million, versus last year same period’s net income of $40,000 on revenue of $10.15 million.
Net proceeds from Paratek Pharmaceuticals IPO are planned to be used to initiate and fund the Phase 3 registration trials for omadacycline in ABSSSI and other general corporate purposes.