NEWARK, Calif., Sept. 20, 2022 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on September 15, 2022, it issued an inducement award to Pedro Oyuela, M.D., the Company's recently hired Vice President of Pharmacovigilance, in accordance with the terms of Dr. Oyuela'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 and February 15, 2022.
The inducement award consists of an option to purchase 35,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the options is $8.27, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Global Market on September 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. Oyuela'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 Dr. Oyuela'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, PN-943, and PN-235 in different stages of clinical development, all derived from the Company's proprietary technology platform. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate. VERIFY, the global Phase 3 registrational study of rusfertide in polycythemia vera, is currently underway. 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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