Protara Therapeutics, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
NEW YORK, June 02, 2020 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a development-stage clinical biopharmaceutical company developing treatments for rare and specialty diseases with significant unmet needs, today announced the grants of inducement non-qualified stock options to purchase an aggregate of 3,700 shares of common stock to one new employee.
Each stock option has an exercise price per share equal to $51.12 per share, Protara’s closing trading price on June 1, 2020, 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 start date and 1/48th 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 employees’ employment in accordance with NASDAQ Listing Rule 5635(c)(4).
About Protara Therapeutics
Protara is focused on identifying and optimizing product candidates for patients suffering from rare and specialty diseases where there is a significant unmet need. Protara’s current development programs focus on the treatment of rare diseases in structural and connective tissues, as well as rare hepatology/gastrointestinal and metabolic disorders. The Company’s lead program, TARA-002, is being developed for the treatment of lymphatic malformations. Protara’s second program, IV choline chloride, is a phospholipid substrate replacement therapy in development for the treatment of intestinal failure-associated liver disease.