Protara Therapeutics, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Protara Therapeutics (Nasdaq: TARA) announced the grant of inducement non-qualified stock options for 3,700 shares to a new employee. The exercise price is set at $51.12, equivalent to Protara's closing price on June 1, 2020. The options will vest over four years, with 25% cliff vesting on the first anniversary, followed by monthly vesting. The award aligns with NASDAQ Listing Rule 5635(c)(4) and is designed to attract talent for Protara's focus on rare diseases, including TARA-002 for lymphatic malformations and IV choline chloride for intestinal failure-associated liver disease.

Positive

• Inducement stock options granted to attract new talent.
• Stock options valued at $51.12 per share, reflecting the market price.
• Structured vesting plan aligns employee interests with company success.

Negative

• None.

NEW YORK, June 02, 2020 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a development-stage clinical biopharmaceutical company developing treatments for rare and specialty diseases with significant unmet needs, today announced the grants of inducement non-qualified stock options to purchase an aggregate of 3,700 shares of common stock to one new employee.

Each stock option has an exercise price per share equal to $51.12 per share, Protara’s closing trading price on June 1, 2020, the grant date, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the individual’s start date and 1/48th of the underlying shares vesting monthly thereafter over 36 months subject to the new employee's continued service relationship with Protara through the applicable vesting dates.

The Compensation Committee of Protara’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Protara Therapeutics

Protara is focused on identifying and optimizing product candidates for patients suffering from rare and specialty diseases where there is a significant unmet need. Protara’s current development programs focus on the treatment of rare diseases in structural and connective tissues, as well as rare hepatology/gastrointestinal and metabolic disorders. The Company’s lead program, TARA-002, is being developed for the treatment of lymphatic malformations. Protara’s second program, IV choline chloride, is a phospholipid substrate replacement therapy in development for the treatment of intestinal failure-associated liver disease.

Company Contact:

Blaine Davis
Protara Therapeutics
Blaine.Davis@protaratx.com
646-844-0337

FAQ

What are the details of the stock options granted by Protara Therapeutics (TARA) on June 2, 2020?

Protara granted inducement non-qualified stock options for 3,700 shares at an exercise price of $51.12, vesting over four years.

Why did Protara Therapeutics (TARA) grant stock options to a new employee?

The stock options were granted as an inducement material to the new employee's employment, according to NASDAQ Listing Rule 5635(c)(4).

What is TARA-002 developed by Protara Therapeutics (TARA)?

TARA-002 is Protara's lead program aimed at treating lymphatic malformations.

What is the vesting schedule for the stock options granted by Protara (TARA)?

25% of the shares will vest after one year, followed by monthly vesting of the remaining 75% over three years.