In a separate announcement also released today, Paratek reported that the company has secured approximately $93 million in capital commitments to close immediately prior to the completion of a proposed merger involving Transcept Pharmaceuticals (Nasdaq:TSPT) and by which Paratek's stockholders will end up owning a majority of the outstanding capital stock of Transcept. The newly combined organization, which will be further capitalized by approximately $18 million in additional cash expected to remain on Transcept's balance sheet as of the closing of the proposed merger, will focus its future efforts primarily upon the development and commercialization of Paratek's antibiotic development candidates.
Michael F. Bigham is a Partner at Abingworth LLP, a leading international investment group dedicated to life sciences and healthcare, and has more than 25 years of senior leadership experience in the biopharmaceutical industry. He currently serves on the boards of Avedro and Secure EDI and has held several directorships including Avila Therapeutics where he was the founding Chairman and CEO, Magellan Biosciences, Portola Pharmaceuticals, Supernus Pharmaceuticals and Valeritas. Michael was formerly Vice Chairman of Corixa Corporation, a publicly-traded biotechnology company, and was President and Chief Executive of Coulter Pharmaceuticals, a publicly-traded oncology company, until it merged into Corixa. Previously, he was an early employee at Gilead Sciences where he served in various capacities, including Executive Vice President of Operations and Chief Financial Officer. Before joining Gilead, Mr. Bigham was a Partner at Hambrecht %7E Quist where he became Co-Head of Healthcare Investment Banking.
Dr. Evan Loh was formerly Senior Vice President, Development and Strategic Operations, Worldwide Research and Development, Pfizer, before joining Paratek in 2012. Previously, Dr. Loh was Vice President, Clinical Research %7E Development at Wyeth, where he had global responsibility for scientific, strategic and operational leadership of clinical development efforts across multiple therapeutic areas. He is the 2006 recipient of the Heroes of Chemistry Award from the American Chemistry Society for his leadership role at Wyeth in the development of TygacilŪ, a novel glycylcycline broad-spectrum antibiotic.
Michael Bigham said: "I am delighted to accept this role at Paratek. The company and its team are making significant progress towards addressing the growing need for innovative, broad spectrum antibiotics. I look forward to working with the company to further strengthen the organization and to support the successful development of the company's promising late stage drug pipeline."
Dr. Loh added: "I am excited about the opportunity to partner with Michael to build a leading biopharmaceutical organization that will deliver on the promise of our technology platforms. The demand for new antibiotic treatments to combat bacterial resistance continues to grow globally. I look forward to overseeing the development of what we believe is the clinically broad potential for our lead product candidate omadacycline."