NEWARK, Calif., Jan. 29, 2021 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
January 29, 2021, it issued an
inducement award to Paula O'Connor,
M.D., the Company's recently hired Senior Vice President, Clinical
Development, in accordance with the terms of Dr. O'Connor'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 75,000
shares of Protagonist Therapeutics common stock and has a ten-year
term. The exercise price of the option is $20.71, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Global Market
on January 29, 2021. 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. O'Connor'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. O'Connor'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 with multiple peptide-based new chemical
entities in different stages of development. PTG-300 is an
injectable hepcidin mimetic in a Phase 2 proof-of-concept clinical
trial for polycythemia vera, and a separate Phase 2 clinical study
for hereditary hemochromatosis. PTG-200 is an orally delivered,
gut-restricted, interleukin-23 receptor specific antagonist peptide
in a Phase 2 clinical trial for Crohn's disease. Two additional
oral peptide interleukin-23 receptor antagonist candidates are in
development: PN-235, in a Phase 1 study, and PN-232, in the late
preclinical stage. PN-943 is an orally delivered, gut-restricted
alpha-4-beta-7 integrin specific antagonist peptide in a Phase 2
study for the potential treatment of inflammatory bowel disease,
with ulcerative colitis as the initial targeted indication. The
Company utilizes a proprietary technology platform to discover and
develop novel peptide-based therapeutics to address significant
unmet medical needs and transform existing treatment paradigms.
Protagonist is headquartered in Newark, California. For further information,
please visit www.protagonist-inc.com.
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SOURCE Protagonist Therapeutics, Inc.