Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics, Inc. (Nasdaq: PTGX) announced the issuance of an inducement award to Jami Taylor, newly appointed Vice President of Corporate Affairs, on February 26, 2021. The award includes an option to purchase 50,000 shares at an exercise price of $23.57, the closing price on the grant date. The shares vest over four years. This grant is part of the Amended Inducement Plan adopted on May 29, 2018, reflecting the company's commitment to attract top talent. Protagonist is focused on developing peptide-based therapeutics for significant unmet medical needs.

Positive

• Inducement award to enhance leadership with a new VP.
• 50,000 shares option granted, aligning employee interests with shareholder value.
• Shares vesting over four years promotes long-term commitment.

Negative

• None.

NEWARK, Calif., Feb. 26, 2021 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq: PTGX) today reported that on  February 26, 2021, it issued an inducement award to Jami Taylor, the Company's recently hired Vice President, Corporate Affairs, in accordance with the terms of Ms. Taylor'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.

The inducement award consists of an option to purchase 50,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the option is $23.57, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on February 26, 2021. 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 Ms. Taylor's 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 Ms. Taylor entering into employment with the Company in accordance with Nasdaq Marketplace Rule 5635(c)(4).

About Protagonist Therapeutics, Inc.

Protagonist Therapeutics is a clinical stage biopharmaceutical company with multiple peptide-based new chemical entities in different stages of development. PTG-300 is an injectable hepcidin mimetic in a Phase 2 proof-of-concept clinical trial for polycythemia vera, and a separate Phase 2 clinical study for hereditary hemochromatosis. PTG-200 is an orally delivered, gut-restricted, interleukin-23 receptor specific antagonist peptide in a Phase 2 clinical trial for Crohn's disease. Two additional oral peptide interleukin-23 receptor antagonist candidates are in development: PN-235, in a Phase 1 study, and PN-232, in the late preclinical stage. PN-943 is an orally delivered, gut-restricted alpha-4-beta-7 integrin specific antagonist peptide in a Phase 2 study for the potential treatment of inflammatory bowel disease, with ulcerative colitis as the initial targeted indication. The Company utilizes a proprietary technology platform to discover and develop novel peptide-based therapeutics to address significant unmet medical needs and transform existing treatment paradigms.

Protagonist is headquartered in Newark, California. For further information, please visit www.protagonist-inc.com. 

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SOURCE Protagonist Therapeutics, Inc.

FAQ

What was the inducement award granted to Jami Taylor at Protagonist Therapeutics?

Protagonist Therapeutics granted Jami Taylor an inducement award consisting of an option to purchase 50,000 shares at an exercise price of $23.57.

When was the inducement award issued by Protagonist Therapeutics?

The inducement award was issued on February 26, 2021.

How long is the vesting period for the shares awarded to Jami Taylor?

The shares awarded to Jami Taylor vest over a four-year period.

What is the significance of the inducement award for Protagonist Therapeutics?

The inducement award aims to attract and retain top talent, aligning the interests of the new VP with those of shareholders.

What is the exercise price for the shares in Jami Taylor's inducement award?

The exercise price for the shares is $23.57, which was the closing price on the grant date.