NEWARK, Calif., June 18, 2019 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
June 17, 2019, it issued an
inducement award to Nishit Modi,
Ph.D., the Company's recently hired Vice President of Clinical
Pharmacology, in accordance with the terms of Dr. Modi's employment
offer letter. The award was granted under the Protagonist
Therapeutics Inducement Award Plan, which was adopted May 29, 2018.
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 was $11.86, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Capital Market
on June 17, 2019. The shares subject
to the option grant vest over a four-year period, with 25 percent
of the shares subject to the option vesting on the first
anniversary of Dr. Modi's date of hire and the remainder vesting in
equal monthly installments over the three years thereafter, subject
to Dr. Modi's continued service with the Company. The award was
approved by the compensation committee of the Company's board of
directors and was granted as an inducement material to the new
employee entering into employment with Protagonist Therapeutics 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 drugs to transform existing
treatment paradigms for patients with significant unmet medical
needs. PTG-300 is an injectable hepcidin mimetic in development for
the treatment of anemia and iron overload related rare blood
diseases. PTG-300 is currently in a global Phase 2 study in
beta-thalassemia. PTG-200 is an oral, gut-restricted interleukin-23
receptor specific antagonist peptide in development for the
treatment of inflammatory bowel disease. The Company has a
worldwide license and collaboration agreement with Janssen Biotech
for the clinical development of PTG-200 and a Phase 2 study in
Crohn's disease is expected. PN-943, currently in a Phase 1 study,
is an oral, gut-restricted alpha-4-beta-7 integrin specific
antagonist peptide in development for the treatment of inflammatory
bowel disease.
Protagonist is headquartered in Newark, California. For further information,
please visit http://www.protagonist-inc.com.
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SOURCE Protagonist Therapeutics, Inc.