Protagonist Therapeutics Reports Granting of Inducement Awards

Rhea-AI Summary

Protagonist Therapeutics (Nasdaq:PTGX) announced the issuance of inducement awards to Newman Yeilding, M.D., who was appointed as Executive Vice President and Chief Scientific Officer. The awards, granted on January 2, 2025, include options to purchase 38,520 shares at an exercise price of $38.98 per share and 31,779 restricted stock units (RSUs).

The stock options vest over four years, with 25% vesting after the first year and the remainder vesting monthly over three years. The RSUs will vest annually over four years, with one-fourth vesting each year. Dr. Yeilding previously served as the Company's Chief Scientific Advisor from August 1, 2024, through January 1, 2025. The awards were granted under the company's Amended and Restated Inducement Plan and approved by the compensation committee.

NEWARK, CALIFORNIA / ACCESSWIRE / January 6, 2025 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on January 2, 2025, it issued inducement awards to Newman Yeilding, M.D., upon his appointment to the role of Executive Vice President, Chief Scientific Officer, in accordance with the terms of his employment offer letter. Dr. Yeilding served in a consultant role as the Company's Chief Scientific Advisor from August 1, 2024 through January 1, 2025. 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.

Dr. Yeilding received options to purchase 38,520 shares and restricted stock units (RSUs) to acquire 31,779 shares of Protagonist Therapeutics common stock. The exercise price of the options is $38.98, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on January 2, 2025. 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. Yeilding's date of hire and the remainder vesting in equal monthly installments over three years thereafter. One-fourth of the shares underlying the RSUs will vest annually over a four-year period. The awards were approved by the compensation committee of the Company's board of directors and were granted as a material inducement to Dr. Yeilding's entering into employment with the Company in accordance with Nasdaq Marketplace Rule 5635(c)(4).

About Protagonist Therapeutics

Protagonist Therapeutics is a late-stage development biopharmaceutical company focused on peptide therapeutics. Two novel peptides derived from Protagonist's proprietary discovery platform are currently in advanced Phase 3 clinical development, with New Drug Application submissions to the FDA potentially in 2025. Icotrokinra (JNJ-2113, formerly PN-235), licensed to Johnson & Johnson, is the first targeted oral peptide designed to selectively block the IL-23 receptor. Icotrokinra has successfully completed two Phase 3 psoriasis (PsO) studies (ICONIC-LEAD and ICONIC-TOTAL) and is currently in three additional Phase 3 PsO studies (ICONIC-ADVANCE 1, ICONIC-ADVANCE 2, and a Postular/Erythrodermic PSO study) and a Phase 2b ulcerative colitis study (ANTHEM-UC). Rusfertide, a mimetic of the natural hormone hepcidin, is currently in Phase 3 development for the rare blood disorder polycythemia vera. Rusfertide is being co-developed and will be co-commercialized with Takeda Pharmaceuticals pursuant to a worldwide collaboration and license agreement entered into in 2024 under which the Company remains primarily responsible for development through NDA filing. The Company also has a number of pre-clinical stage oral drug discovery programs addressing clinically and commercially validated targets, including IL-17 oral peptide antagonist PN-881, oral anti-obesity peptides, and an oral hepcidin mimetic/ferroportin blocker.

More information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company's website at www.protagonist-inc.com.

Contact Information

Corey Davis Ph.D.
Investor Relations Contact - LifeSci Advisors
cdavis@lifesciadvisors.com
+1 212 915 2577

Virginia Amann
Media Relations Contact - ENTENTE Network of Companies
virginiaamann@ententeinc.com
+1 833 500 0061 ext 1

SOURCE: Protagonist Therapeutics

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FAQ

What inducement awards did Protagonist Therapeutics (PTGX) grant to Dr. Newman Yeilding in January 2025?

On January 2, 2025, PTGX granted Dr. Yeilding options to purchase 38,520 shares at $38.98 per share and 31,779 restricted stock units (RSUs).

What is the vesting schedule for Dr. Yeilding's PTGX stock options and RSUs?

The stock options vest over 4 years, with 25% vesting after the first year and the remainder monthly over 3 years. The RSUs vest annually over 4 years, with one-fourth vesting each year.

What was Dr. Yeilding's role at PTGX before becoming Chief Scientific Officer?

Dr. Yeilding served as PTGX's Chief Scientific Advisor from August 1, 2024, through January 1, 2025, before being appointed as Executive Vice President and Chief Scientific Officer.

What was the exercise price of PTGX stock options granted to Dr. Yeilding?

The exercise price of the stock options was $38.98, which was PTGX's closing price on the Nasdaq Global Market on January 2, 2025.