Protagonist Therapeutics Reports Granting of Inducement Award

Rhea-AI Summary

Protagonist Therapeutics (Nasdaq:PTGX) announced on October 31, 2020 that it granted an inducement award to Nora Boyer, its newly appointed Vice President of Medical Affairs. The award includes an option to purchase 40,000 shares at an exercise price of $18.95, the closing price on October 30, 2020. Shares will vest over a four-year period, with 25% vesting after one year. This grant complies with NASDAQ Marketplace Rule 5635(c)(4>. Protagonist develops peptide-based therapeutics for unmet medical needs, with three clinical-stage assets including PTG-300 and PTG-200.

Positive

• Inducement award granted to attract talent, which may strengthen the management team.
• Shares vested over four years could align long-term interests of management with shareholders.

Negative

• None.

NEWARK, Calif., Oct. 30, 2020 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on October 31, 2020, it issued an inducement award to Nora Boyer, the Company's recently hired Vice President, Medical Affairs, in accordance with the terms of Ms. Boyer'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 40,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the option is $18.95, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on October 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 Ms. Boyer'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. Boyer'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. The Company currently has three clinical-stage assets. PTG-300 is an injectable hepcidin mimetic in development for the treatment 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. The Company has a worldwide license and collaboration agreement with Janssen Biotech, Inc., for the development of PTG-200. 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 study as the initial targeted indication.

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 is the inducement award granted by Protagonist Therapeutics?

Protagonist Therapeutics issued an inducement award to Nora Boyer, consisting of an option to purchase 40,000 shares at $18.95 each.

When was the inducement award issued to Nora Boyer?

The inducement award was issued on October 31, 2020.

What is the vesting schedule for the inducement award?

The shares vest over four years, with 25% vesting on the first anniversary of hiring and the remainder vesting in monthly installments.

What is the significance of NASDAQ Marketplace Rule 5635(c)(4)?

This rule pertains to the granting of inducement awards to attract key employees, ensuring compliance with NASDAQ regulations.

What is Protagonist Therapeutics' primary focus?

Protagonist Therapeutics focuses on developing novel peptide-based therapeutics to address significant unmet medical needs.