Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics (Nasdaq: PTGX) announced an inducement award for newly hired Vice President of Pharmacovigilance, Dr. Pedro Oyuela, on September 15, 2022. The award includes an option to purchase 35,000 shares at an exercise price of $8.27, the closing price on the grant date. The shares will vest over four years, with 25% vesting after one year and the remainder in equal monthly installments. This grant complies with Nasdaq rules and aims to incentivize Dr. Oyuela's employment.

Positive

• Inducement award demonstrates confidence in Dr. Oyuela's contribution to the company.
• Options granted at market value ($8.27) align with shareholder interests.

Negative

• None.

NEWARK, Calif., Sept. 20, 2022 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on September 15, 2022, it issued an inducement award to Pedro Oyuela, M.D., the Company's recently hired Vice President of Pharmacovigilance, in accordance with the terms of Dr. Oyuela's employment offer letter. The award was 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 inducement award consists of an option to purchase 35,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the options is $8.27, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on September 15, 2022. 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 Dr. Oyuela's date of hire and the remainder vesting in equal monthly installments over three years thereafter. The award was approved by the compensation committee of the Company's board of directors and was granted as a material inducement to Dr. Oyuela'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 rusfertide, PN-943, and PN-235 in different stages of clinical development, all derived from the Company's proprietary technology platform. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate. VERIFY, the global Phase 3 registrational study of rusfertide in polycythemia vera, is currently underway. Protagonist is headquartered in Newark, California. For more information on Protagonist, please visit the Company's website at www.protagonist-inc.com

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SOURCE Protagonist Therapeutics, Inc.

FAQ

What is the inducement award granted to Protagonist Therapeutics' Dr. Pedro Oyuela?

Dr. Pedro Oyuela received an inducement award consisting of options to purchase 35,000 shares at $8.27, vesting over four years.

When was the inducement award for Dr. Oyuela issued?

The inducement award was issued on September 15, 2022.

What are the vesting terms for Dr. Oyuela's stock options?

The options vest over four years, with 25% vesting on the first anniversary and the rest in equal monthly installments.

What is Protagonist Therapeutics' stock symbol?

The stock symbol for Protagonist Therapeutics is PTGX.