NEWARK, Calif., Sept. 4, 2019 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
August 30, 2019, it issued inducement
awards to two recently hired employees in accordance with their
employment offer letters. The awards were granted under the
Protagonist Therapeutics Inducement Award Plan, which was adopted
May 29, 2018. Below is a brief
summary of the awards:
- For David Pugatch, M.D., Vice
President, Clinical Development, Gastrointestinal Diseases, an
option to purchase 50,000 shares of common stock; and
- For Arjun Agarwal, Vice
President, Controller, an option to purchase 30,000 shares of
common stock.
The exercise price of each option was $13.03, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Capital Market
on August 30, 2019.
The shares subject to each option grant vest over a four-year
period, with 25 percent of the shares subject to the option vesting
on the first anniversary of the employee's date of hire and the
remainder vesting in equal monthly installments over the three
years thereafter, subject to the employee's continued service with
the Company. The awards have a ten year term. The awards were
approved by the compensation committee of the Company's board of
directors and were granted as an inducement material to the new
employees 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 iron overload anemia
and 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 clinical development for the potential 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 in fourth quarter of 2019. PN-943 is an oral,
gut-restricted alpha-4-beta-7 integrin specific antagonist peptide
in clinical development for the potential treatment of inflammatory
bowel disease, with ulcerative colitis as the initial intended
indication.
Protagonist is headquartered in Newark, California. For further information, please
visit http://www.protagonist-inc.com.
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SOURCE Protagonist Therapeutics, Inc.