Prothena Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Prothena Corporation (NASDAQ:PRTA) announced the granting of options to purchase a total of 75,000 ordinary shares as part of the hiring of three new employees. The options have an exercise price of $11.00, reflecting the closing price on February 1, 2021. These inducement awards will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter. This action is part of Prothena’s strategy to attract talent and is in accordance with their Employment Inducement Incentive Plan.

Positive

• Prothena is strategically hiring new talent, which may enhance its operational capabilities.
• The options granted align with market conditions, with an exercise price at $11.00.

Negative

• The significant number of options granted may lead to potential shareholder dilution.
• No immediate financial metrics or performance indicators were disclosed to evaluate the hiring impact.

DUBLIN, Ireland, Feb. 05, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with expertise in protein dysregulation and a pipeline of investigational therapeutics for rare peripheral amyloid and neurodegenerative diseases, today announced that in connection with hiring three new employees, the compensation committee of the Company’s board of directors granted the individuals hired by the Company, in the aggregate, options to purchase 75,000 ordinary shares of the Company. The options have an exercise price per share equal to $11.00, which was the closing trading price on February 1, 2021, the date of the grants. The inducement awards will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the date of grants and 1/48th of the underlying shares vesting monthly thereafter over 36 months. The options were granted pursuant to the Company’s 2020 Employment Inducement Incentive Plan, which was approved by the Company’s board of directors under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.

About Prothena

Prothena Corporation plc is a late-stage clinical company with expertise in protein dysregulation and a pipeline of novel investigational therapeutics with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena’s wholly-owned programs include birtamimab for the potential treatment of AL amyloidosis, PRX004 for the potential treatment of ATTR amyloidosis, and a portfolio of programs for the potential treatment of Alzheimer’s disease including PRX012 that targets Aβ (Amyloid beta). Prothena’s partnered programs include prasinezumab (PRX002/RG7935), in collaboration with Roche for the potential treatment of Parkinson’s disease and other related synucleinopathies, and programs that target tau (PRX005), TDP-43 and an undisclosed target in collaboration with Bristol-Myers Squibb for the potential treatment of Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), frontotemporal dementia (FTD) or other neurodegenerative diseases. For more information, please visit the Company’s website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.

Contacts:

Media
Ellen Rose, Head of Communications
650-922-2405, ellen.rose@prothena.com

Investors
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, jennifer.zibuda@prothena.com

 

FAQ

What did Prothena announce on February 5, 2021?

Prothena announced the grant of options to purchase 75,000 ordinary shares in connection with hiring three new employees.

What is the exercise price for Prothena's granted options?

The exercise price for the options granted by Prothena is $11.00 per share.

How will the granted options vest for Prothena employees?

The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter.

What is the significance of the options granted to new employees at Prothena?

The options are part of Prothena's strategy to attract new talent and are compliant with their Employment Inducement Incentive Plan.