Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics, Inc. (Nasdaq: PTGX) announced on December 1, 2020, the issuance of an inducement award to Michelle Landolfi, Ph.D., its new Vice President of Regulatory Affairs. The award includes an option to purchase 50,000 shares at an exercise price of $24.16, with a four-year vesting schedule. This grant follows Nasdaq Marketplace Rule 5635(c)(4) and was approved by the company's compensation committee. Protagonist specializes in developing peptide-based therapeutics for unmet medical needs, with ongoing projects for polycythemia vera and inflammatory bowel disease.

Positive

• Issuance of a significant inducement award for new VP highlights company growth.
• Approval from the compensation committee underscores governance and compliance.

Negative

• None.

NEWARK, Calif., Dec. 1, 2020 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on November 30, 2020, it issued an inducement award to Michelle Landolfi, Ph.D., the Company's recently hired Vice President, Regulatory Affairs, in accordance with the terms of Dr. Landolfi'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 $24.16, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on November 30, 2020. 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. Landolfi'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 Dr. Landolfi's 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 that utilizes a proprietary technology platform to discover and develop novel peptide-based therapeutics to address significant unmet medical needs and transform existing treatment paradigms for patients. PTG-300 is an injectable hepcidin mimetic in development for the treatment of polycythemia vera and other blood disorders. PTG-200 is an orally delivered, gut-restricted, interleukin-23 receptor specific antagonist peptide in development for the treatment of inflammatory bowel disease, with Crohn's disease as the initial indication. In addition to PTG-200, two oral peptide interleukin-23 receptor antagonist candidates from a collaboration with Janssen Biotech, Inc., are in development and have been selected for advancement into clinical studies. PN-943 is an orally delivered, gut-restricted alpha-4-beta-7 integrin specific antagonist peptide in development for the treatment of inflammatory bowel disease, with ulcerative colitis as the initial targeted indication.

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

 

View original content:http://www.prnewswire.com/news-releases/protagonist-therapeutics-reports-granting-of-inducement-award-301183042.html

SOURCE Protagonist Therapeutics, Inc.

FAQ

What is the recent inducement award issued by Protagonist Therapeutics (PTGX)?

On November 30, 2020, Protagonist Therapeutics granted an inducement award to Dr. Michelle Landolfi, including an option for 50,000 shares at $24.16.

Who is the new Vice President of Regulatory Affairs at Protagonist Therapeutics (PTGX)?

Dr. Michelle Landolfi is the recently hired Vice President of Regulatory Affairs.

What is the vesting schedule for the inducement award at Protagonist Therapeutics (PTGX)?

The shares will vest over four years, with 25% vesting after the first year and the remainder monthly over the following three years.

What does Protagonist Therapeutics (PTGX) specialize in?

Protagonist focuses on developing peptide-based therapeutics for significant unmet medical needs, including treatments for blood disorders and inflammatory bowel disease.