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Protagonist Therapeutics Reports Granting of Inducement Awards
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Protagonist Therapeutics, Inc. (PTGX) issued inducement awards to Vice President Sid Reddy, granting him options to purchase 25,000 shares at an exercise price of $28.23. The shares vest over four years, with 25% vesting on the first anniversary of hire and the rest monthly over three years.
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NEWARK, CA / ACCESSWIRE / February 20, 2024 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on February 15, 2024, it issued inducement awards to Sid Reddy, the Company's recently hired Vice President and Controller, in accordance with the terms of Mr. Reddy's employment offer letter. 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.
Mr. Reddy received options to purchase 25,000 shares of Protagonist Therapeutics common stock. The exercise price of the options is $28.23, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on February 15, 2024. The shares subject to the option vest over a four-year period, with 25 percent of the shares subject to the option vesting on the first anniversary of Mr. Reddy'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 Mr. Reddy's 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 scientists jointly discovered PN-235 (now known as JNJ-2113) as part of Protagonist's Interleukin-23 receptor (IL-23R) collaboration with Johnson & Johnson and followed it through IND-enabling pre-clinical and Phase 1 studies, with Johnson & Johnson 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. Rusfertide will be co-developed and co-commercialized with Takeda pursuant to a worldwide collaboration and license agreement with Takeda entered into in January 2024. The agreement will be effective upon the termination or expiration of any applicable waiting periods under the Hart-Scott-Rodino Act.
More information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company's website at www.protagonist-inc.com.
How many shares did Protagonist Therapeutics grant to Sid Reddy?
Protagonist Therapeutics granted Sid Reddy options to purchase 25,000 shares.
What is the exercise price of the options granted to Sid Reddy?
The exercise price of the options granted to Sid Reddy is $28.23.
How do the shares subject to the option vest?
The shares subject to the option vest over a four-year period, with 25% vesting on the first anniversary of hire and the remainder vesting monthly over three years.
Why were the awards granted to Sid Reddy?
The awards were granted as a material inducement for Sid Reddy entering into employment with Protagonist Therapeutics.
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
