Biopharmaceutical company Protagonist Therapeutics Inc (Nasdaq:PTGX) on Wednesday announced the grant of stock options to newly appointed executive vice president of clinical operations and pharmacology Suneel Gupta, PhD, in accordance with Nasdaq Marketplace Rule 5635(c)(4).

The inducement award consists of an option to purchase 110,000 shares of common stock from the company, with a ten-year term.

In conjunction, the exercise price of the option was USD7.38, which was the per-share closing price of its common stock on the Nasdaq Capital Market on 15 January 2018.

According to the company, the option vests over a four-year period, with 25% vesting on the first anniversary of the employee's date of hire and the remainder vesting in equal monthly instalments over three years thereafter for entering into employment.