Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) issued inducement awards to Christine Rocha, the Company's Vice President, Clinical Operations. Ms. Rocha received options to purchase 35,000 shares of Protagonist Therapeutics common stock at an exercise price of $18.76. The options vest over a four-year period, with 25 percent vesting on the first anniversary of Ms. Rocha's date of hire and the remainder vesting in equal monthly installments over three years.

NEWARK, CA / ACCESSWIRE / August 16, 2023 / Protagonist Therapeutics, Inc. (NASDAQ:PTGX) today reported that on August 15, 2023, it issued inducement awards to Christine Rocha, the Company's recently hired Vice President, Clinical Operations, in accordance with the terms of Ms. Rocha'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.

Ms. Rocha received options to purchase 35,000 shares of Protagonist Therapeutics common stock. The exercise price of the options is $18.76, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on August 15, 2023. 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. Rocha's date of hire and the remainder vesting in equal monthly installments over three years thereafter. The awards were approved by the compensation committee of the Company's board of directors and were granted as a material inducement to Ms. Rocha'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 (NCEs) rusfertide and JNJ-2113 (formerly PN-235) in advanced stages of clinical development, both derived from the Company's proprietary technology platform. Protagonist scientists jointly discovered PN-235 (now known as JNJ-2113) as part of Protagonist's Interleukin-23 receptor (IL-23R) collaboration with Janssen and followed it through IND-enabling pre-clinical and Phase 1 studies, with Janssen assuming responsibility for further clinical development. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate currently in a global Phase 3 development program. The Phase 2 REVIVE study is now complete, with an open-label extension underway. The global Phase 3 VERIFY study of rusfertide in polycythemia vera is ongoing. Protagonist retains all worldwide development and commercialization rights to rusfertide.

Protagonist is headquartered in Newark, California. For more information on Protagonist, please visit the Company's website at www.protagonist-inc.com.

CONTACT:
Jami Taylor
Email: j.taylor@ptgx-inc.com

SOURCE: Protagonist Therapeutics, Inc.

View source version on accesswire.com:
https://www.accesswire.com/774419/Protagonist-Therapeutics-Reports-Granting-of-Inducement-Award

FAQ

What is the company name involved in the press release?

The company involved in the press release is Protagonist Therapeutics, Inc.

Who received the inducement awards?

Christine Rocha, the recently hired Vice President, Clinical Operations, received the inducement awards.

How many shares of Protagonist Therapeutics common stock did Christine Rocha receive options to purchase?

Christine Rocha received options to purchase 35,000 shares of Protagonist Therapeutics common stock.

What is the exercise price of the options?

The exercise price of the options is $18.76.

How do the options vest?

The options vest over a four-year period, with 25 percent vesting on the first anniversary of Ms. Rocha's date of hire and the remainder vesting in equal monthly installments over three years.