NEWARK, Calif., June 18, 2019 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on June 17, 2019, it issued an inducement award to Nishit Modi, Ph.D., the Company's recently hired Vice President of Clinical Pharmacology, in accordance with the terms of Dr. Modi'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 50,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the option was $11.86, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Capital Market on June 17, 2019. The shares subject to the option grant vest over a four-year period, with 25 percent of the shares subject to the option vesting on the first anniversary of Dr. Modi's date of hire and the remainder vesting in equal monthly installments over the three years thereafter, subject to Dr. Modi's continued service with the Company. The award was approved by the compensation committee of the Company's board of directors and was granted 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 in development for the treatment of anemia and iron overload 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 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 and a Phase 2 study in Crohn's disease is expected. PN-943, currently in a Phase 1 study, is an oral, gut-restricted alpha-4-beta-7 integrin specific antagonist peptide in development for the treatment of inflammatory bowel disease.
Protagonist is headquartered in Newark, California. For further information, please visit http://www.protagonist-inc.com.
SOURCE Protagonist Therapeutics, Inc.