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Puma Biotechnology Reports Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Summary
Puma Biotechnology (NASDAQ: PBYI) announced the approval of inducement restricted stock unit awards for three new non-executive employees on December 3, 2022. The awards cover 20,625 shares of common stock and will vest over three years, starting December 1, 2022. This move aligns with Puma’s 2017 Employment Inducement Incentive Award Plan, designed to attract new talent. Puma is focused on advancing cancer care through products like NERLYNX® (neratinib), used in various breast cancer treatments, and is developing alisertib for small cell lung cancer and breast cancer.
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Inducement awards of 20,625 shares approved to attract new talent.
Equity awards structured to vest over three years, ensuring employee retention.
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LOS ANGELES--(BUSINESS WIRE)--
Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on December 3, 2022, the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering 20,625 shares of Puma common stock to three new non-executive employees.
The awards were 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 awards vest over a three-year period, with one-third of the shares underlying each award vesting on the first anniversary of the award’s vesting commencement date, December 1, 2022, and one-sixth of the shares underlying each award vesting on each six-month anniversary of the vesting commencement date thereafter, subject to continued service. The awards were granted as an inducement material to the new employees 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-licenses 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.
What is the significance of the restricted stock unit awards granted by Puma Biotechnology?
The restricted stock unit awards, covering 20,625 shares, are intended to attract and retain new non-executive employees, promoting long-term engagement with the company.
When were the inducement stock awards approved for Puma Biotechnology?
The inducement stock awards were approved by Puma Biotechnology's Compensation Committee on December 3, 2022.
What is the vesting schedule for the restricted stock awards at Puma Biotechnology?
The restricted stock awards vest over a three-year period, with one-third vesting on the first anniversary and one-sixth on each subsequent six-month anniversary.
What is Puma Biotechnology's focus regarding drug development?
Puma Biotechnology focuses on developing innovative products for cancer care, including the marketed drug NERLYNX and the investigational therapy alisertib.
