NEWARK, Calif., April 15, 2020 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
April 15, 2020, it issued an
inducement award to Tracy Woody, the
Company's recently hired Executive Vice President of Corporate
Strategy, in accordance with the terms of Ms. Woody'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 was $6.82, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Global Market
on April 15, 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
Ms. Woody'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 Ms. Woody'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 drugs to address significant unmet
medical needs and transform existing treatment paradigms for
patients. The Company currently has three different assets in
various stages of clinical development. All three were discovered
through the use of the Company's peptide technology platform.
PTG-300 is an injectable hepcidin mimetic in development for the
potential treatment of iron overload and related blood disorders,
including hereditary hemochromatosis and rare diseases such as
beta-thalassemia and polycythemia vera. PTG-200 is an orally
delivered, gut-restricted interleukin-23 receptor specific
antagonist peptide in Phase 2 clinical development for the
potential treatment of inflammatory bowel disease, with Crohn's
disease as the initial indication. The Company has a worldwide
license and collaboration agreement with Janssen Biotech, Inc., for
the clinical development of PTG-200. PN-943 is an orally delivered,
gut-restricted alpha-4-beta-7 integrin specific antagonist peptide
in clinical development for the potential treatment of inflammatory
bowel disease and a Phase 2 study with PN-943 in ulcerative colitis
study is planned.
Protagonist is headquartered in Newark, California. For further information,
please visit www.protagonist-inc.com.
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SOURCE Protagonist Therapeutics, Inc.