PRTA Prothena Corporation plc
Drug Pipeline
| Drug | Stage | Notes |
|---|---|---|
|
Birtamimab (AFFIRM-AL)
AL Amyloidosis
|
Phase 3
Phase 3
|
Phase 3 trial discontinued due to futility - April 23, 2018. Further Phase 3 AFFIRM-AL trial to be initiated mid-2021.
|
|
PRX004
ATTR-cardiomyopathy
|
Phase 1
Phase 1
|
Phase 2/3 trial to be initiated 4Q 2021.
|
|
Prasinezumab (PRX002)
Parkinson's disease
|
Phase 2
Phase 2
|
Phase 2 (Part 1) trial did not meet primary endpoint - April 22, 2020. Phase 2b trial to be initiated in 2021.
|
|
NEOD001 PRONTO
Previously-treated patients with AL amyloidosis and persistent cardiac dysfunction
|
Phase 2b
Phase 2b
|
Phase 2b trial did not meet primary endpoint - April 23, 2018.
|
|
PRX003
Psoriatic Arthritis
|
Phase 1b
Phase 1b
|
Phase 1b data released September 28, 2017 - insufficient meaningful clinical effect for further development.
|
Latest News
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DUBLIN, Ireland, June 10, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, today announced that members of its senior management team will participate in a fireside chat at the JMP Securities Life Sciences Conference on Wednesday, June 16 at 3:00 PM ET
A live webcast of the fireside chat can be accessed through the investor relations section of the Company's website at www.prothena.com. Following the live presentation, a replay of the webcast will be available on the Company's website for at least 90 days following the presentation date.
About Prothena
Prothena Corporation plc is a late-stage clinical company with a robust pipeline of novel investigational therapeutics, built on protein dysregulation expertise, with the potential to change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena's pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer's disease, Parkinson's disease and a number of other neurodegenerative diseases. For more information, please visit the Company's website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.
Investors & Media
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, [email protected]
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DUBLIN, Ireland, May 20, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, announced today the appointment of Sanjiv K. Patel, MBBS, MA, MBA, to its Board of Directors.
"Sanjiv is an experienced leader with significant industry experience that uniquely positions him to guide us as we look towards transitioning to a fully integrated research, development and commercial biotechnology company," commented Lars Ekman, MD, PhD, Prothena's Chairman. "We welcome Sanjiv to our Board and look forward to his contributions in advising Prothena during this transformational period."
"I'm excited to join the Board at this pivotal stage for Prothena. The Company's leading protein dysregulation expertise is clearly reflected in its robust and promising pipeline of novel programs in areas of high unmet need," said Dr. Patel. "I look forward to working with the Prothena team to contribute strategically to the Company's continued growth."
Sanjiv K. Patel, MBBS is President, Chief Executive Officer, and a member of the board of Relay Therapeutics, a clinical-stage precision medicine company. Before joining Relay Therapeutics, Dr. Patel served in various roles at Allergan, Inc. for over a decade. He most recently served as Allergan's Executive Vice President, Chief Strategy Officer and previously as Corporate Vice President, Global Strategic Marketing and Global Health Outcomes. Prior to this, he was a management consultant at The Boston Consulting Group and practiced as a surgeon within the UK's National Health Service.
Dr. Patel earned his MBBS from University of London, his MA in Medical Sciences from the University of Cambridge, his MRCS from the Royal College of Surgeons of England, and his MBA from INSEAD.
About Prothena
Prothena Corporation plc is a late-stage clinical company with a robust pipeline of novel investigational therapeutics, built on protein dysregulation expertise, with the potential to change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena's pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer's disease, Parkinson's disease and a number of other neurodegenerative diseases. For more information, please visit the Company's website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.
Investors & Media
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, [email protected] -
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- Net cash used in operating and investing activities was $33.7 million in the first quarter; quarter-end cash and restricted cash position of $345.7 million provides funding to advance the R&D pipeline
- Announced confirmatory Phase 3 AFFIRM-AL study of birtamimab in Mayo Stage IV patients with AL amyloidosis under SPA agreement with FDA
- Achieved $60 million milestone from Roche for first patient dosed in Phase 2b PADOVA study of prasinezumab in patients with early Parkinson's disease
- Highlighted data in oral presentations at AD/PD in March and AAN in April for three programs in our neurodegenerative and rare peripheral amyloid pipeline
DUBLIN, Ireland, May 11, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise, today reported financial results for the first quarter of 2021. In addition, the Company provided an update on its R&D programs and 2021 financial guidance.
"We recently welcomed Hideki Garren to Prothena as Chief Medical Officer and look forward to his expertise contributing to our transition to a fully integrated research, development and commercial biotechnology company," said Gene Kinney, Ph.D., President and Chief Executive Officer of Prothena. "The oral presentations at AD/PD and AAN highlight the continued translation of our differentiated protein dysregulation scientific platform from preclinical findings to clinical benefit for patients across multiple programs in our portfolio. We remain on track for significant news flow this year with the planned initiation of three late-stage clinical studies for birtamimab, prasinezumab and PRX004. We will advance two programs in our Alzheimer's portfolio towards the clinic over the next 12 months, with IND filings for our anti-tau PRX005 and anti-abeta PRX012 programs, designed to be best-in-class treatments for Alzheimer's disease. Additionally, our cash position was strengthened by our public offering in March and will be further bolstered when we receive the $60 million milestone earned from Roche. Together this enhances our ability to fund the company through multiple key clinical milestones."
First Quarter and Recent Highlights:
Birtamimab, a potential treatment for AL amyloidosis, is a humanized monoclonal antibody designed to directly neutralize soluble toxic aggregates and promote clearance of amyloid that causes organ dysfunction and failure
- Based on the significant survival benefit favoring birtamimab, from the previous VITAL study in a subset of patients categorized as Mayo Stage IV at baseline (HR=0.413, p=0.025, over 9 months), and multiple in-depth discussions with the U.S. Food and Drug Administration (FDA), Prothena announced plans in February 2021 to advance birtamimab into the confirmatory Phase 3 AFFIRM-AL study in Mayo Stage IV patients with AL amyloidosis. AFFIRM-AL is a global, registration-enabling Phase 3 study that will be conducted under a Special Protocol Assessment (SPA) agreement with FDA to enable registration at p≤0.10 for the primary endpoint of all-cause mortality.
Prasinezumab, a potential treatment for Parkinson's disease, is a humanized monoclonal antibody designed to target a key epitope within the C-terminus of alpha-synuclein and is the focus of the worldwide collaboration with Roche
- $60 million milestone earned with first patient dosed in PADOVA study in the second quarter
- Two oral presentations by Roche at the 15th International Conference on Alzheimer's and Parkinson's Diseases (AD/PD 2021) released new data from Part 1 of the Phase 2 PASADENA study. The first presentation highlighted newly presented data from a pre-specified exploratory subgroup analysis showing slowing of clinical decline with prasinezumab was more evident in subgroups with more rapid disease progression. Separately, new digital biomarker data presented from Roche's remote monitoring technology used in the study was consistent with a potential disease modifying effect of prasinezumab in slowing Parkinson's disease progression.
PRX004, a potential treatment for ATTR amyloidosis, is a humanized monoclonal antibody designed to deplete the pathogenic, non-native forms of the TTR protein
- Oral presentation at the American Academy of Neurology (AAN) 2021 Virtual Meeting featuring results from the Phase 1 study of PRX004 in ATTR amyloidosis. PRX004 showed favorable results as demonstrated by slowing of neuropathy progression for all 7 evaluable patients at 9 months, including improvement in neuropathy in 3 of the 7 patients, and improved cardiac systolic function for all 7 patients. In this Phase 1 study, PRX004 was found to be generally safe and well tolerated across all dose levels.
PRX005, a potential treatment for Alzheimer's disease (AD), is an investigational antibody that targets tau, a protein implicated in diseases including AD, frontotemporal dementia (FTD), progressive supranuclear palsy (PSP), chronic traumatic encephalopathy (CTE) and other tauopathies.
- Oral presentation at AD/PD 2021 highlighting new preclinical data demonstrating that targeting an epitope within the microtubule binding region (MTBR) of tau with PRX005 resulted in superior attributes for the potential treatment of AD. PRX005 demonstrated significant inhibition of cell-to-cell transmission and neuronal internalization in vitro and in vivo, and slowed pathological progression in a tau transgenic mouse model.
Corporate
- Appointed Hideki Garren, M.D., Ph.D., as Chief Medical Officer, responsible for leading the clinical and medical organizations to advance Prothena's clinical pipeline. Dr. Garren joined Prothena after serving as Vice President, Global Head of Neuroimmunology at F. Hoffman-La Roche Ltd. (Roche) & Genentech Inc.
- Executed a public offering in March that raised net proceeds of approximately $78 million through the issuance of 4,025,000 ordinary shares
Upcoming Milestones:
Birtamimab
- Phase 3 AFFIRM-AL study initiation expected mid-2021
- VITAL study 9-month results expected to be presented at a medical conference in 2021
Prasinezumab
- Results from Part 2 of the PASADENA study expected to be presented at an upcoming medical conference
PRX004
- Phase 2/3 study in patients with ATTR-cardiomyopathy expected to initiate 4Q 2021
PRX005
- IND expected by 3Q 2021
- $80 million potential payment from Bristol Myers Squibb upon exercising their US license option in 2021
PRX012, a potential treatment for Alzheimer's disease, is a high affinity monoclonal antibody targeting a key epitope within the N-terminus of Aβ
- IND expected by 1Q 2022
Upcoming Investor Conferences
Members of the senior management team will present and participate in investor meetings at the following upcoming investor conferences:
- BofA Securities 2021 Virtual Health Care Conference, May 13, 2021, at 8:45 AM ET
- RBC Capital Markets Global Healthcare Conference, May 19, 2021 at 8:35 AM ET
- Jefferies Virtual Healthcare Conference, June 1, 2021 at 9:00 AM ET
First Quarter 2021 Financial Results and Updated 2021 Financial Guidance
For the first quarter of 2021, Prothena reported a net loss of $36.7 million, as compared to a net loss of $23.6 million for the first quarter of 2020. Net loss per share for the first quarter of 2021 was $0.91, as compared to a net loss per share of $0.59 for the first quarter of 2020.
Prothena reported total revenue of $0.2 million for the first quarter of 2021, from collaboration and license revenue from Roche, as compared to total revenue of $0.1 million for the first quarter of 2020, from collaboration revenue from Roche.
Research and development (R&D) expenses totaled $21.1 million for the first quarter of 2021, as compared to $15.2 million for the first quarter of 2020. The increase in R&D expense for the first quarter of 2021 compared to the same period in the prior year was primarily due to higher R&D consulting expense, higher personnel expense, higher manufacturing expense primarily related to our PRX012 and birtamimab programs, higher clinical trial expense primarily related to birtamimab partially offset by lower PRX004 clinical trial expenses and higher collaboration expense with Roche related to the prasinezumab program. R&D expenses included non-cash share-based compensation expense of $2.0 million for the first quarter of 2021, as compared to $2.0 million for the first quarter of 2020.
General and administrative (G&A) expenses totaled $11.1 million for the first quarter of 2021, as compared to $9.7 million for the first quarter of 2020. The increase in G&A expenses for the first quarter of 2021 compared to the same period in the prior year was primarily related to higher personnel expense and higher expense for our directors and officers insurance premium. G&A expenses included non-cash share-based compensation expense of $4.2 million for the first quarter of 2021, as compared to $3.5 million for the first quarter of 2020.
Total non-cash share-based compensation expense was $6.2 million for the first quarter of 2021, as compared to $5.5 million for the first quarter of 2020.
As of March 31, 2021, Prothena had $345.7 million in cash, cash equivalents and restricted cash (does not include the $60 million milestone earned in the second quarter from Roche) and no debt.
As of May 4, 2021, Prothena had approximately 44.2 million ordinary shares outstanding.
The Company continues to expect the full year 2021 net cash used in operating and investing activities to be $51 to $74 million, which includes receiving the $60 million milestone earned in the second quarter from Roche. The Company is updating its projected year end cash balance to approximately $316 million in cash, cash equivalents and restricted cash (midpoint) (versus prior guidance of $235 million) to include an additional $81 million in net proceeds primarily from the public offering in March. The estimated full year 2021 net cash used in operating and investing activities is primarily driven by an estimated net loss of $79 to $111 million, which includes an estimated $20 million of non-cash share-based compensation expense.
About Prothena
Prothena Corporation plc is a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise with the potential to change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena's pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer's disease, Parkinson's disease and a number of other neurodegenerative diseases. For more information, please visit the Company's website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.
Forward-looking Statements
This press release contains forward-looking statements. These statements relate to, among other things, the sufficiency of our cash position to fund advancement of a broad pipeline; our goal of building a protein dysregulation platform; the treatment potential, designs, and proposed mechanisms of action of birtamimab, prasinezumab, PRX004, PRX005, and PRX012; plans for future clinical studies of birtamimab, prasinezumab, PRX004, PRX005, and PRX012; amounts we might receive under our collaborations with Roche and Bristol Myers Squibb; the expected timing of reporting data from prior clinical studies of birtamimab and the Phase 2 clinical study of prasinezumab; our anticipated net cash burn from operating and investing activities for 2021 and expected cash balance at the end of 2021; and our estimated net loss and non-cash share-based compensation expense for 2021. These statements are based on estimates, projections and assumptions that may prove not to be accurate, and actual results could differ materially from those anticipated due to known and unknown risks, uncertainties and other factors, including but not limited to the effects on our business of the worldwide COVID-19 pandemic and the risks, uncertainties and other factors described in the "Risk Factors" sections of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 11, 2021, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. We undertake no obligation to update publicly any forward-looking statements contained in this press release as a result of new information, future events, or changes in our expectations.
PROTHENA CORPORATION PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - amounts in thousands except per share data)Three Months Ended
March 31,2021 2020 Collaboration revenue $ 110 $ 141 License revenue 50 — Total revenue 160 141 Operating expenses: Research and development 21,144 15,248 General and administrative 11,125 9,741 Total operating expenses 32,269 24,989 Loss from operations (32,109 ) (24,848 ) Other income, net 34 1,113 Loss before income taxes (32,075 ) (23,735 ) Provision for (benefit from) income taxes 4,660 (166 ) Net loss $ (36,735 ) $ (23,569 ) Basic and diluted net loss per share $ (0.91 ) $ (0.59 ) Shares used to compute basic and diluted net loss per share 40,250 39,909 PROTHENA CORPORATION PLC
CONSOLIDATED BALANCE SHEETS
(unaudited - amounts in thousands)March 31, December 31, 2021 2020 Assets Cash and cash equivalents $ 342,993 $ 295,380 Accounts receivable 1 15 Prepaid expenses and other current assets 7,955 2,537 Restricted cash, current 1,352 1,352 Total current assets 352,301 299,284 Property and equipment, net 2,295 2,551 Operating lease right-of-use assets 16,411 17,811 Restricted cash, non-current 1,352 1,352 Other non-current assets 7,360 11,977 Total non-current assets 27,418 33,691 Total assets $ 379,719 $ 332,975 Liabilities and Shareholders' Equity Accrued research and development 9,355 9,044 Lease liability, current 5,617 5,512 Other current liabilities 8,484 11,292 Total current liabilities 23,456 25,848 Deferred revenue, non current 110,242 110,242 Lease liability, non-current 10,884 12,326 Other non-current liabilities 553 553 Total non-current liabilities 121,679 123,121 Total liabilities 145,135 148,969 Total shareholders' equity 234,584 184,006 Total liabilities and shareholders' equity $ 379,719 $ 332,975 Media and Investors:
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, [email protected] -
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DUBLIN, Ireland, May 10, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise, today announced that the Company has earned a $60 million milestone from its worldwide collaboration with Roche based on the first patient dosed in the Phase 2b PADOVA study of prasinezumab in patients with early Parkinson's disease. Prothena has previously received $75 million in payments from Roche as part of this collaboration.
Prasinezumab is the first anti-alpha synuclein antibody to advance into late-stage clincal development. Results from the Phase 2 PASADENA study, reported in September 2020, demonstrated signals of efficacy on multiple pre-specified secondary and exploratory clinical endpoints, including measures of motor function and biomarkers, in patients with early Parkinson's disease. These signals of efficacy add to the growing body of evidence that optimally targeting an appropriate epitope within pathogenic proteins, such as alpha-synuclein and abeta, results in clinically meaningful benefits for patients. Roche's advancement of prasinezumab into this Phase 2b PADOVA study is an important step forward for this first-in-class compound, with the potential to slow the progression of Parkinson's disease and positively impact the lives of millions of patients.
Phase 2b PADOVA Study Design
Based on positive signals of efficacy consistent with disease modification in the Phase 2 PASADENA study, prasinezumab is being advanced into the Phase 2b PADOVA study to further assess the efficacy and safety of prasinezumab in an expanded patient population. PADOVA is a Phase 2b, randomized, double-blind, placebo-controlled, multicenter study designed to evaluate the efficacy and safety of prasinezumab in patients with early Parkinson's disease who are on stable symptomatic medication. The study will enroll approximately 575 patients, who will be randomized to receive either prasinezumab or placebo via intravenous infusion every 4 weeks. The primary endpoint is time to meaningful progression on motor signs of the disease, as assessed by ≥ 5 point increase from baseline in the Movement Disorder Society – Unified Parkinson's Disease Rating Scale (MDS-UPDRS) Part III score.
For more information on the Phase 2b PADOVA study, please visit clinicaltrials.gov and search NCT # 04777331.
About Parkinson's Disease
Parkinson's disease is a progressive degenerative disorder of the entire nervous system that affects one in 100 people over age 60. An estimated seven to 10 million people are living with Parkinson's disease worldwide. It is the second most common neurodegenerative disorder after Alzheimer's disease. The disease is characterized by the neuronal accumulation of aggregated alpha-synuclein in the CNS and peripheral nervous system that results in a wide spectrum of worsening progressive motor and non-motor symptoms. While diagnosis relies on motor symptoms classically associated with Parkinson's disease, non-motor symptoms may present many years earlier. Current treatments for Parkinson's disease are symptomatic and only address a subset of symptoms such as motor impairment, dementia, or psychosis. There are currently no treatments available that target the underlying cause of the disease and can slow its progression.
About Alpha-synuclein
Alpha-synuclein, a protein found in neurons and other cells, is a major component of the pathology that characterizes several neurodegenerative disorders including Parkinson's disease, dementia with Lewy bodies, and multiple system atrophy, which collectively are termed synucleinopathies. The understanding of the normal physiological function of alpha-synuclein is limited, but evidence indicates that soluble forms of the protein may interact with other proteins and certain intracellular membranes. In synucleinopathies, the alpha-synuclein protein appears to be abnormally aggregated intracellularly, which contributes to disease pathology. There is increasing evidence that certain aggregated forms of alpha-synuclein can be transmitted from neuron to neuron, resulting in a propagation of pathology that causes neuronal dysfunction and loss. Recent studies in cellular and animal models of synucleinopathy suggest that the spread of alpha-synuclein-associated neuronal pathology can be disrupted by targeting aberrant forms of alpha-synuclein.
About Prasinezumab
Prasinezumab is a humanized monoclonal antibody that targets a carboxyl terminal epitope of alpha-synuclein, a protein found in neurons that can aggregate and spread from cell to cell, resulting in the neuronal dysfunction and loss that causes Parkinson's disease. Prasinezumab is designed to block the cell-to-cell transmission of the aggregated, pathogenic forms of alpha-synuclein in Parkinson's disease, thereby slowing clinical decline. Prior to initiating clinical trials, the efficacy of prasinezumab was evaluated in various cellular and animal models of alpha-synuclein-related disease. In alpha-synuclein transgenic mice, the murine version of prasinezumab reduced the appearance of alpha-synuclein pathology, protected synapses and halted the worsening of behavioral phenotypes. In December 2013, Prothena and Roche entered into a worldwide collaboration to develop and commercialize antibodies that target alpha-synuclein, including prasinezumab. Prothena has an option to co-promote prasinezumab in the U.S., where the companies share all development and commercialization costs, as well as profits, on a 30/70 basis (30 percent Prothena, 70 percent Roche). Outside the U.S., Roche has sole responsibility for developing and commercializing prasinezumab and has agreed to pay Prothena up to double-digit royalties on net sales. To date, Prothena has received $75 million and earned an additional $60 million of a total potential $600 million in milestone payments that includes clinical, regulatory and sales milestones. For more information on the Phase 2 PASADENA clinical study of prasinezumab in patients with early Parkinson's disease, visit clinicaltrials.gov and search NCT #03100149.
About Prothena
Prothena Corporation plc is a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise with the potential to change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena's pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer's disease, Parkinson's disease and a number of other neurodegenerative diseases. For more information, please visit the Company's website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.
Forward-looking Statements
This press release contains forward-looking statements. These statements relate to, among other things, the treatment potential, design, and proposed mechanism of action of prasinezumab; plans for the Phase 2b PADOVA clinical study of prasinezumab; and amounts we might receive under our collaboration with Roche. These statements are based on estimates, projections and assumptions that may prove not to be accurate, and actual results could differ materially from those anticipated due to known and unknown risks, uncertainties and other factors, including but not limited to the effects on our business of the worldwide COVID-19 pandemic and the risks, uncertainties and other factors described in the "Risk Factors" sections of our Prospectus Supplement filed pursuant to Rule 424(b)5 with the Securities and Exchange Commission (SEC) on March 24, 2021, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. We undertake no obligation to update publicly any forward-looking statements contained in this press release as a result of new information, future events or changes in our expectations.
Contact:
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, [email protected] -
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DUBLIN, Ireland, May 07, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise, today announced that in connection with hiring two new employees, the compensation committee of the Company's board of directors granted the individuals hired by the Company, in the aggregate, options to purchase 155,000 ordinary shares of the Company. The options have an exercise price per share equal to $27.04, which was the closing trading price on May 3, 2021, the date of the grants. The inducement awards will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the date of grants and 1/48th of the underlying shares vesting monthly thereafter over 36 months. The options were granted pursuant to the Company's 2020 Employment Inducement Incentive Plan, which was approved by the Company's board of directors under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.
About Prothena
Prothena Corporation plc is a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise with the potential to change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena's pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer's disease, Parkinson's disease and a number of other neurodegenerative diseases. For more information, please visit the Company's website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.
Contacts:
Media & Investors
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, [email protected]