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.
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