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

Rhea-AI Summary

Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology firm, announced the hiring of two employees, accompanied by a grant of options to purchase 50,000 ordinary shares. The exercise price is set at $27.89, aligning with the closing price on July 1, 2022. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly. This grant is part of the 2020 Employment Inducement Incentive Plan.

Prothena specializes in therapeutics for neurodegenerative diseases and amyloid disorders.

Positive

• Hiring of new employees could enhance operational capacity.
• Granting stock options may align employee interests with shareholder value.

Negative

• None.

DUBLIN, Ireland, July 01, 2022 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise, today announced that in connection with hiring two 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 50,000 ordinary shares of the Company. The options have an exercise price per share equal to $27.89, which was the closing trading price on July 1, 2022, the date of the grants. The options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the date of grant 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 biotechnology company with expertise in protein dysregulation and a pipeline of 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 pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer’s disease, Parkinson’s disease and a number of 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
Eric Endicott, Senior Vice President, Corporate Affairs
650-448-3670, media@prothena.com

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

 

FAQ

What announcement did Prothena Corporation make on July 1, 2022?

On July 1, 2022, Prothena Corporation announced the hiring of two new employees and the granting of options to purchase 50,000 ordinary shares.

What is the exercise price for the stock options granted by Prothena?

The exercise price for the stock options granted is $27.89, which was the closing trading price on July 1, 2022.

How will the stock options vest for Prothena's new hires?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remaining 1/48th vesting monthly over the next 36 months.

What is Prothena's focus in the biotechnology sector?

Prothena focuses on developing investigational therapeutics for neurodegenerative and rare peripheral amyloid diseases.

What is the ticker symbol for Prothena Corporation?

The ticker symbol for Prothena Corporation is PRTA.