Protagonist Therapeutics Reports Granting of Inducement Awards

Rhea-AI Summary

Protagonist Therapeutics (Nasdaq: PTGX) announced the issuance of inducement awards to two new employees on September 15, 2021. The awards include options to purchase 117,500 shares and restricted stock units (RSUs) for 15,000 shares, with an exercise price of $46.47. The stock options vest over four years, while RSUs vest annually. These awards comply with Nasdaq Marketplace Rule 5635(c)(4) and aim to incentivize new talent. Protagonist continues advancing its pipeline of peptide-based therapies, including rusfertide for polycythemia vera and therapies for ulcerative colitis and Crohn's disease.

Positive

• Inducement awards may attract skilled employees, enhancing talent acquisition.
• Ongoing clinical trials for key therapies indicate continued development progress.

Negative

• No immediate financial metrics or performance indicators provided regarding the impact of new hires.

NEWARK, Calif., Sept. 15, 2021 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq: PTGX) today reported that on September 15, 2021, it issued inducement awards to two recently hired employees in accordance with the terms of their employment offer letters. The awards were granted under the Protagonist Therapeutics Amended and Restated Inducement Plan, which was adopted May 29, 2018, and amended February 18, 2020.

The new employees received, in the aggregate, options to purchase 117,500 shares and restricted stock units ("RSUs") to acquire 15,000 shares, respectively, of Protagonist Therapeutics common stock. The exercise price of the options is $46.47, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on September 15, 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 the employees' 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 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 multiple peptide-based investigational new chemical entities in different stages of development, all derived from the Company's proprietary technology platform.

Protagonist's pipeline includes rusfertide (PTG-300), an investigational, injectable hepcidin mimetic currently in a Phase 2 proof-of-concept clinical trial for polycythemia vera (PV), a Phase 2 study in PV subjects with high hematocrit levels, and a Phase 2 study for hereditary hemochromatosis. Based on the feedback provided by the FDA and EU regulatory authorities, the Company plans to initiate a single, global Phase 3 randomized, placebo-controlled trial evaluating the efficacy and safety of a once weekly, subcutaneously self-administered dose of rusfertide.

The Company is also evaluating an orally delivered, gut-restricted alpha-4-beta-7 integrin specific antagonist peptide (PN-943) currently in a Phase 2 study in adults with moderate to severe active ulcerative colitis (UC). Company is targeting ulcerative colitis as the initial indication.

The Company has a worldwide license and collaboration agreement with Janssen Biotech, Inc., for the development of oral peptide IL-23 receptor antagonists. Compounds included in this agreement are PTG-200, PN-235 and PN-232. PTG-200 is an orally delivered, gut-restricted, interleukin-23 receptor specific antagonist peptide in a Phase 2 clinical trial for Crohn's disease. PN-235 and PN-232, both second-generation oral interleukin-23 receptor antagonist candidates, are currently in Phase 1 studies.

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 are the inducement awards granted by Protagonist Therapeutics on September 15, 2021?

Protagonist Therapeutics granted options to purchase 117,500 shares and RSUs for 15,000 shares on September 15, 2021.

What is the exercise price of the stock options issued by Protagonist Therapeutics?

The exercise price of the stock options is $46.47, the closing price on September 15, 2021.

How do the stock options and RSUs vest for new employees at Protagonist Therapeutics?

The stock options vest over four years, while RSUs vest annually over the same period.

What is the strategic purpose of issuing inducement awards by Protagonist Therapeutics?

The inducement awards are intended to attract and retain skilled employees as per Nasdaq regulations.