Protara Therapeutics, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) - Apr 19, 2021
NEW YORK, April 19, 2021 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical stage company developing transformative therapies for the treatment of cancer and rare diseases with significant unmet needs, today announced the grants of inducement non-qualified stock options to purchase an aggregate of 120,000 shares of common stock to Martín Sebastian Olivo, M.D., Protara’s newly appointed Chief Medical Officer.
Each stock option has an exercise price per share equal to $15.30 per share, Protara’s closing trading price on April 19, 2021, the grant date, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the individual’s applicable vesting commencement date and 1/36th of the underlying shares vesting monthly thereafter over 36 months subject to the new employee's continued service relationship with Protara through the applicable vesting dates.
The Compensation Committee of Protara’s Board of Directors approved the awards as an inducement material to the new employee’s employment in accordance with NASDAQ Listing Rule 5635(c)(4).
Protara is committed to identifying and advancing transformative therapies for people with cancer and rare diseases with limited treatment options. Protara’s portfolio includes its lead program, TARA-002, an investigational cell-based therapy being developed for the treatment of non-muscle invasive bladder cancer and lymphatic malformations, and IV Choline Chloride, an investigational phospholipid substrate replacement therapy for the treatment of intestinal failure-associated liver disease. For more information, visit www.protaratx.com.