Puma Biotechnology Reports Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Puma Biotechnology, Inc. granted an inducement restricted stock unit award of 7,500 shares of common stock to a new non-executive employee. The award vests over three years, with gradual vesting periods, as part of the 2017 Employment Inducement Incentive Award Plan.

LOS ANGELES--(BUSINESS WIRE)-- Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on April 2, 2024, the Compensation Committee of Puma’s Board of Directors approved the grant of an inducement restricted stock unit award covering 7,500 shares of Puma common stock to one new non-executive employee.

The award was granted under Puma’s 2017 Employment Inducement Incentive Award Plan, which was adopted on April 27, 2017 and provides for the granting of equity awards to new employees of Puma. The restricted stock unit award vests over a three-year period, with one-third of the shares underlying the award vesting on the first anniversary of the award’s vesting commencement date, April 1, 2024, and one-sixth of the shares underlying the award vesting on each six-month anniversary of the vesting commencement date thereafter, subject to continued service. The award was granted as an inducement material to the new employee entering into employment with Puma, in accordance with Nasdaq Listing Rule 5635(c)(4).

About Puma Biotechnology

Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on the development and commercialization of innovative products to enhance cancer care. Puma in-licensed the global development and commercialization rights to PB272 (neratinib, oral), PB272 (neratinib, intravenous) and PB357. Neratinib, oral was approved by the U.S. Food and Drug Administration in 2017 for the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer, following adjuvant trastuzumab-based therapy, and is marketed in the United States as NERLYNX® (neratinib) tablets. In February 2020, NERLYNX was also approved by the FDA in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. NERLYNX was granted marketing authorization by the European Commission in 2018 for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant trastuzumab-based therapy. NERLYNX is a registered trademark of Puma Biotechnology, Inc.

In September 2022, Puma entered into an exclusive license agreement for the development and commercialization of the anti-cancer drug alisertib, a selective, small molecule, orally administered inhibitor of aurora kinase A. Initially, Puma intends to focus the development of alisertib on the treatment of small cell lung cancer and breast cancer. In February 2024, Puma initiated ALISCA-Lung 1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive-stage small cell lung cancer.

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Alan H. Auerbach or Mariann Ohanesian, Puma Biotechnology, Inc., +1 424 248 6500

info@pumabiotechnology.com

ir@pumabiotechnology.com

Source: Puma Biotechnology, Inc.

FAQ

What type of award did Puma Biotechnology grant to a new non-executive employee?

Puma Biotechnology granted an inducement restricted stock unit award covering 7,500 shares of common stock.

Under which plan was the award granted?

The award was granted under Puma's 2017 Employment Inducement Incentive Award Plan.

How many shares are included in the award?

The award covers 7,500 shares of Puma common stock.

What is the vesting period for the award?

The award vests over a three-year period, with gradual vesting on specific dates.

Why was the award granted to the new employee?

The award was granted as an inducement material to the new employee entering into employment with Puma.