NEWARK,
Calif., Nov. 16, 2022 /PRNewswire/ -- Protagonist
Therapeutics, Inc. (Nasdaq:PTGX) today reported that on
November 15, 2022, it issued
inducement awards to Arturo Molina,
M.D., M.S., F.A.C.P., the Company's recently hired Chief Medical
Officer, in accordance with the terms of Dr. Molina's employment
offer letter. The awards were 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.
Dr. Molina received options to purchase 127,500 shares and
restricted stock units (RSUs) to acquire 21,250 shares,
respectively, of Protagonist Therapeutics common stock. The
exercise price of the options is $8.04, which was the per-share closing price of
Protagonist Therapeutics common stock on the Nasdaq Global Market
on November 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. Molina's date of hire and the remainder vesting
in equal monthly installments over three years thereafter.
One-fourth of the shares underlying the RSUs will vest annually
over a four-year period. The awards were approved by the
compensation committee of the Company's board of directors and were
granted as a material inducement to Dr. Molina'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 and PN-235 in
advanced stages of clinical development, both derived from the
Company's proprietary technology platform. Rusfertide, a mimetic of
the natural hormone hepcidin, is the Company's lead drug candidate
currently in a global Phase 3 stage of development. The VERIFY
(Phase 3) and REVIVE (Phase 2) studies of rusfertide in
polycythemia vera are ongoing. Protagonist owns all marketing
rights to rusfertide.
Protagonist has partnered with Janssen Biotech, Inc. on the
development of PN-235 (JNJ-77242113) in moderate-to-severe
psoriasis and inflammatory bowel disease. PN-235 is currently in
multiple studies in psoriasis, led by Janssen.
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.