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Paratek Appoints Michael Bigham as Chairman and CEO and Promotes Evan Loh to President and CMO

Paratek Appoints Michael Bigham as Chairman and CEO and Promotes Evan Loh to
President and CMO

BOSTON, July 1, 2014 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc., today
announced that Michael F. Bigham, Partner at Abingworth LLP, has been
appointed as Chairman of the Board of Directors and Chief Executive Officer.
In addition, Dr. Evan Loh, Chief Medical Officer (CMO) at Paratek, has been
promoted to President and Chief Medical Officer and will continue to serve on
the Board of Directors. Dennis Molnar, the Company's previous CEO, will remain
a member of the senior management team

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 & 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 &
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 Tygacil®, 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."

About Paratek

Paratek is a biopharmaceutical company focused on the development and
commercialization of innovative antibiotics. Paratek's lead product candidate,
omadacycline, is a novel tetracycline-derived, broad-spectrum antibiotic being
developed in both oral tablet and intravenous formulations for use as a
first-line monotherapy antibiotic for ABSSSI, CABP, urinary tract infections
(UTI) and other serious community-acquired bacterial infections, particularly
when antibiotic resistance is of concern to prescribing physicians.
Omadacycline has received Qualified Infectious Disease Product (QIDP)
designation by the U.S. Food and Drug Administration for both the oral and
intravenous formulations in all three of these infectious disease
categories.Omadacycline has Special Protocol Assessment agreements with the
U.S.Food and Drug Administration for the phase 3 trials planned in ABSSSI and
CABP.

Paratek's second product candidate, WC 3035, is a novel tetracycline-derived
compound, with dual narrow-spectrum antibacterial and potent anti-inflammatory
activity, for the treatment of acne and rosacea in the community
setting.Paratek has licensed rights to WC 3035 for the treatment of acne and
rosacea in the United States to a subsidiary of Actavis (formerly Warner
Chilcott), while retaining rights in the rest of the world. Actavis is
responsible for the clinical development of WC 3035 for the treatment of acne
in the United States.A phase 3 program in moderate-severe acne is expected to
be initiated in the second half of 2014 for WC 3035.

About Transcept

Transcept Pharmaceuticals, Inc.is a specialty pharmaceutical company focused
on the development and commercialization of proprietary products that address
important therapeutic needs in the field of neuroscience. Transcept's lead
product candidate is TO-2070, a novel rapidly absorbed treatment for acute
migraine incorporating dihydroergotamine (DHE) as the active drug, which
Transcept has developed through the completion of preclinical safety studies
but has not initiated a Phase 1 human pharmacokinetic study. Preclinical data
suggest that TO-2070 may offer significant migraine treatment benefits beyond
those provided by less convenient and more invasive DHE drug delivery methods,
such as injection, liquid nasal sprays or pulmonary inhalation.

Transceptdeveloped Intermezzo^®from concept to its approval by theFDAin
2011.Purdue Universityholds commercialization and development rights for
Intermezzo in the United States. For further information about Transcept,
please visitwww.transcept.com. For information about Intermezzo, please
visitwww.MyIntermezzo.com.

The additional capital commitments to Paratek were provided, and will be
fulfilled, pursuant to an exemption from the registration requirements of the
Securities Act of 1933 (the "Securities Act") pursuant to Section 4(a)(2) of,
and Rule 506 of Regulation D under, the Securities Act. The shares to be
issued by Transcept in the merger will be issued pursuant to a registration
statement to be filed pursuant to the Securities Act.This press release
shall not constitute an offer to sell or a solicitation of an offer to buy any
securities of Paratek or Transcept, nor will there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under, or
absent an exemption from registration or qualification of, the securities laws
ofany such state or jurisdiction.

CONTACT: Paratek Pharmaceuticals, Inc.
         Evan Loh, MD
         President and CMO
         Tel: +617 275 0040
         www.paratekpharm.com

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