NEWARK,
Calif., Sept. 20, 2022 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
September 15, 2022, it issued an
inducement award to Pedro Oyuela,
M.D., the Company's recently hired Vice President of
Pharmacovigilance, in accordance with the terms of Dr. Oyuela'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 and
February 15, 2022.
The inducement award consists of an option to purchase 35,000
shares of Protagonist Therapeutics common stock and has a ten-year
term. The exercise price of the options is $8.27, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Global Market
on September 15, 2022. 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. Oyuela'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.
Oyuela's entering into employment with the Company in accordance
with Nasdaq Marketplace Rule 5635(c)(4).
About Protagonist Therapeutics
Protagonist Therapeutics is a biopharmaceutical company with
peptide-based new chemical entities rusfertide, PN-943, and PN-235
in different stages of clinical development, all derived from the
Company's proprietary technology platform. Rusfertide, a mimetic of
the natural hormone hepcidin, is the Company's lead drug candidate.
VERIFY, the global Phase 3 registrational study of rusfertide in
polycythemia vera, is currently underway. Protagonist is
headquartered in Newark,
California. For more information on Protagonist, please
visit the Company's website at www.protagonist-inc.com
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SOURCE Protagonist Therapeutics, Inc.