Protara Therapeutics, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (NASDAQ:TARA) ("Protara" or the "Company"), a clinical-stage company developing transformative therapies for the treatment of cancer and rare diseases, today announced the recent grants of inducement non-qualified stock options and restricted stock units (RSUs) to six newly-hired employees.
The independent members of Protara's Board of Directors approved the award from the Company's 2020 Inducement Plan, as amended (the "Inducement Plan") to Shane Williams, Protara's new Vice President, Head of Human Resources and Chief People Officer as an inducement material to his employment, in accordance with Nasdaq Listing Rule 5635(c)(4). 41,000 Stock option awards and 20,500 RSU awards were granted to Mr. Williams on April 25, 2025. The option awards have an exercise price of $4.32 per share, Protara's closing trading price on the grant date.
The Compensation Committee of Protara's Board of Directors approved an aggregate of 59,100 stock option awards and 29,550 RSU awards to five new employees from the Inducement Plan, as inducements material to the new employees' employment in accordance with Nasdaq Listing Rule 5635(c)(4). Such option awards were granted on May 1, 2025 and have an exercise price of $3.46 per share, Protara's closing trading price on the grant date. Such RSU awards will have a grant date of July 1, 2025.
All option awards vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the grant date and 1/36th of the underlying shares vesting monthly thereafter over 36 months. All RSU awards vest over three years, with 33 1/3% of the shares underlying the RSU award vesting on each of the three consecutive anniversaries of the grant date. The vesting of all option and RSU awards is subject to the employee's continued service with the company through the applicable vesting dates.
About Protara Therapeutics, Inc.
Protara is a clinical-stage biotechnology company committed to advancing transformative therapies for people with cancer and rare diseases. Protara's portfolio includes its lead candidate, TARA-002, an investigational cell-based therapy in development for the treatment of non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations (LMs). The Company is evaluating TARA-002 in an ongoing Phase 2 trial in NMIBC patients with carcinoma in situ (CIS) who are unresponsive or naïve to treatment with Bacillus Calmette-Guérin (BCG), as well as a Phase 2 trial in pediatric patients with LMs. Additionally, Protara is developing IV Choline Chloride, an investigational phospholipid substrate replacement for patients on parenteral nutrition who are otherwise unable to meet their choline needs via oral or enteral routes. For more information, visit www.protaratx.com.
Company Contact:
Justine O'Malley
Protara Therapeutics
[email protected]
646-817-2836
