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.
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SOURCE Protagonist Therapeutics, Inc.