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.