Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics (PTGX) announced the granting of inducement awards to Dr. Arturo Molina, its new Chief Medical Officer, on November 15, 2022. Dr. Molina received options to purchase 127,500 shares and restricted stock units for 21,250 shares, with an exercise price of $8.04 per share. The options and RSUs will vest over four years. This award aligns with Nasdaq rules and emphasizes the company's commitment to attract key talent. Protagonist is advancing its drug candidate rusfertide in a Phase 3 study for polycythemia vera, alongside a partnership with Janssen for the development of PN-235.

Positive

• Inducement awards to attract a seasoned Chief Medical Officer.
• Lead drug candidate rusfertide is in a global Phase 3 stage of development.
• Partnership with Janssen on the development of PN-235.

Negative

• None.

NEWARK, Calif., Nov. 16, 2022 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on November 15, 2022, it issued inducement awards to Arturo Molina, M.D., M.S., F.A.C.P., the Company's recently hired Chief Medical Officer, in accordance with the terms of Dr. Molina'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.

Dr. Molina received options to purchase 127,500 shares and restricted stock units (RSUs) to acquire 21,250 shares, respectively, of Protagonist Therapeutics common stock. The exercise price of the options is $8.04, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on November 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. Molina'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. Molina'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 and PN-235 in advanced stages of clinical development, both derived from the Company's proprietary technology platform. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate currently in a global Phase 3 stage of development. The VERIFY (Phase 3) and REVIVE (Phase 2) studies of rusfertide in polycythemia vera are ongoing. Protagonist owns all marketing rights to rusfertide.

Protagonist has partnered with Janssen Biotech, Inc. on the development of PN-235 (JNJ-77242113) in moderate-to-severe psoriasis and inflammatory bowel disease. PN-235 is currently in multiple studies in psoriasis, led by Janssen.

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 inducement awards were granted to Dr. Arturo Molina by Protagonist Therapeutics?

Dr. Arturo Molina received options to purchase 127,500 shares and restricted stock units for 21,250 shares, with an exercise price of $8.04.

What is the current status of rusfertide's clinical trials?

Rusfertide is in a global Phase 3 study for polycythemia vera, with ongoing VERIFY and REVIVE studies.

What is the purpose of the inducement awards given to Dr. Molina?

The awards were granted as a material inducement for Dr. Molina to accept employment with Protagonist Therapeutics.

Which company is partnering with Protagonist Therapeutics on PN-235?

Protagonist Therapeutics has partnered with Janssen Biotech, Inc. for the development of PN-235.

What is the exercise price for the stock options granted to Dr. Molina?

The exercise price for the stock options is $8.04, which was the closing price on November 15, 2022.