Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics (PTGX) announced an inducement award granted to newly appointed Vice President, Controller, Karen Peterson, on July 15, 2022. The award includes an option to purchase 25,000 shares at an exercise price of $9.46, reflecting the closing price on that date. The stock options will vest over four years, with 25% vesting after the first year and the rest monthly thereafter. This grant aligns with Nasdaq rules and aims to incentivize Peterson's employment with the company, which focuses on peptide-based drug development, including its lead candidate rusfertide in a Phase 3 study.

Positive

• Inducement award of 25,000 shares for VP Karen Peterson enhances executive compensation structure.
• The exercise price of $9.46 aligns with closing price, indicating an attractive entry point for options.
• Vesting schedule promotes long-term commitment from new executive.

Negative

• None.

NEWARK, Calif., July 19, 2022 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq: PTGX) today reported that on July 15, 2022, it issued an inducement award to Karen Peterson, the Company's recently hired Vice President, Controller, in accordance with the terms of Ms. Peterson'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 and February 15, 2022.

The inducement award consists of an option to purchase 25,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the options is $9.46, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on July 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 Ms. Peterson's date 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. Peterson'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, PN-943, and PN-235 in different stages of clinical development, all derived from the Company's proprietary technology platform. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate. VERIFY, the global Phase 3 registrational study of rusfertide in polycythemia vera, is currently underway. 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 is the inducement award for Karen Peterson at PTGX?

Karen Peterson received an inducement award to purchase 25,000 shares of PTGX at an exercise price of $9.46.

When was the inducement award granted to Karen Peterson?

The inducement award was granted on July 15, 2022.

What is the vesting period for the inducement award at Protagonist Therapeutics?

The vesting period for the inducement award is four years, with 25% vesting on the first anniversary of hiring.

What is the significance of the inducement award to PTGX's management?

The inducement award aims to attract and retain executive talent, complying with Nasdaq rules.