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Protagonist Therapeutics Reports Granting of Inducement Awards
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Protagonist Therapeutics, Inc. (Nasdaq:PTGX) issued inducement awards to two new employees, granting them options to purchase 50,000 shares of the company's common stock at an exercise price of $16.29. The options vest over a four-year period, with 25% vesting on the first anniversary of hire and the remainder in equal monthly installments over three years. The awards were granted in accordance with the Protagonist Therapeutics Amended and Restated Inducement Plan and approved by the compensation committee as a material inducement to employment.
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NEWARK, CA / ACCESSWIRE / November 16, 2023 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on November 15, 2023, it issued inducement awards to two recently hired employees in accordance with the terms of their employment offer letters. The awards were granted under the Protagonist Therapeutics Amended and Restated Inducement Plan, which was adopted May 29, 2018, and amended February 18, 2020 and February 15, 2022.
The new employees received, in the aggregate, options to purchase 50,000 shares of Protagonist Therapeutics common stock. The exercise price of the options is $16.29, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on November 15, 2023. The shares subject to each option vest over a four-year period, with 25 percent of the shares subject to the option vesting on the first anniversary of the employee's date of hire and the remainder vesting in equal monthly installments over three years thereafter. The awards were approved by the compensation committee of the Company's board of directors and were granted as a material inducement to entering into employment with the Company in accordance with Nasdaq Marketplace Rule 5635(c)(4).
About Protagonist Therapeutics
Protagonist Therapeutics is a biopharmaceutical company with peptide-based new chemical entities (NCEs) rusfertide and JNJ-2113 (formerly PN-235) in advanced stages of clinical development, both derived from the Company's proprietary technology platform. Protagonist and Janssen scientists jointly discovered PN-235 (now known as JNJ-2113) as part of Protagonist's Interleukin-23 receptor (IL-23R) collaboration with Janssen and followed it through IND-enabling pre-clinical and Phase 1 studies, with Janssen assuming responsibility for further clinical development. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate currently in a global Phase 3 development program. The randomized portion of the Phase 2 REVIVE study was unblinded, showing positive results and is now complete, with an open-label extension underway. The global Phase 3 VERIFY study of rusfertide in polycythemia vera is ongoing. Protagonist retains all worldwide development and commercialization rights to rusfertide. More information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company's website at www.protagonist-inc.com.
What inducement awards did Protagonist Therapeutics issue?
Protagonist Therapeutics issued options to purchase 50,000 shares of the company's common stock to two new employees.
What is the exercise price of the options granted?
The exercise price of the options is $16.29.
How do the options vest?
The options vest over a four-year period, with 25% vesting on the first anniversary of hire and the remainder in equal monthly installments over three years.
Why were the awards granted?
The awards were granted as a material inducement to entering into employment with the Company in accordance with Nasdaq Marketplace Rule 5635(c)(4).
protagonist therapeutics is a clinical-stage biopharmaceutical company with a proprietary technology platform which is utilized to discover and develop novel peptide-based drugs to address significant unmet medical needs. its primary focus is on developing potential first-in-class oral targeted therapy-based peptide drugs that work by blocking biological pathways that are currently targeted by marketed injectable antibody drugs. protagonist's initial lead peptide product candidates, ptg-100 and ptg-200, are based on this approach, and the company believes these candidates have the potential to transform the existing treatment paradigm for inflammatory bowel disease (ibd), consisting primarily of ulcerative colitis and crohn's disease. ptg-100, a potential first-in-class oral peptide alpha-4-beta-7 integrin antagonist, is currently in a global phase 2b clinical trial for treatment of moderate-to-severe ulcerative colitis. ptg-200, a first-in-class oral interleukin-23 receptor antagonist
