NEWARK, Calif., June 4, 2019 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on May 31, 2019, it issued an inducement award to Don Kalkofen, the Company's recently hired Chief Financial Officer, in accordance with the terms of Mr. Kalkofen'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 100,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the option was $10.06, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Capital Market on May 31, 2019. The shares subject to the Option will vest over four years, with 25 percent of the shares subject to the Option vesting on the one-year anniversary of the effective date of Mr. Kalkofen's appointment as Chief Financial Officer, and the balance vesting in equal monthly installments over the following 36 months, in each case subject to Mr. Kalkofen's continued service with the Company. The Option is subject to the terms of the Company's 2018 Inducement Plan and Mr. Kalkofen's option agreement. The award was granted by the Compensation Committee of the Board of Directors of the Company 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 for the potential treatment of anemia and iron overload related rare blood diseases with an initial focus on beta-thalassemia. PTG-200 is an oral, gut-restricted interleukin-23 receptor antagonist 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. PN-943 is an oral, gut-restricted alpha-4-beta-7 specific integrin antagonist peptide in development for the treatment of inflammatory bowel disease.
Protagonist is headquartered in Newark, California, with pre-clinical and clinical staff in California and discovery operations in both California and Brisbane, Queensland, Australia. For further information, please visit http://www.protagonist-inc.com.
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SOURCE Protagonist Therapeutics, Inc.
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