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Puma Biotechnology Reports Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Puma Biotechnology, Inc. (NASDAQ: PBYI) announced on January 10, 2023, the grant of 22,250 inducement restricted stock unit awards to four new non-executive employees. These awards, approved by the Compensation Committee, will vest over three years, with the first third vesting one year after the commencement date for each employee. This initiative aims to attract talent under Puma's 2017 Employment Inducement Incentive Award Plan. Puma focuses on developing innovative cancer treatments, including NERLYNX® for breast cancer and alisertib for small cell lung cancer.
Positive
Grant of 22,250 restricted stock units to attract new employees.
Awards vest over three years, incentivizing employee retention.
Focus on innovative cancer therapies enhances future growth potential.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on January 10, 2023, the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering 22,250 shares of Puma common stock to four 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 for one new employee and January 1, 2023 for the remaining three new employees, 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-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.
What is the significance of the restricted stock units granted by Puma Biotechnology on January 10, 2023?
The grant of 22,250 restricted stock units aims to attract and retain talent, incentivizing new employees with a long-term investment in the company.
How does Puma Biotechnology's 2017 Employment Inducement Incentive Award Plan work?
The plan allows the company to grant equity awards to new employees, which vest over a specified period to motivate and retain them.
What are the main cancer therapies developed by Puma Biotechnology?
Puma Biotechnology develops innovative cancer treatments, notably NERLYNX® for breast cancer and alisertib, targeting small cell lung cancer.
How does Puma's restricted stock unit grant impact its stock performance?
The grant may positively influence Puma's stock performance by demonstrating commitment to attracting qualified personnel, potentially driving business growth.
