NEWARK, Calif., Sept. 15, 2020 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
September 15, 2020, it issued an
inducement award to Matthew Gosling,
the Company's recently hired Executive Vice President and General
Counsel, in accordance with the terms of Mr. Gosling'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 100,000
shares of Protagonist Therapeutics common stock and has a ten-year
term. The exercise price of the option is $21.66, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Global Market
on September 15, 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 Mr. Gosling'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 Mr.
Gosling'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.