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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
(Very Positive)
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Rhea-AI Summary
Puma Biotechnology, Inc. (NASDAQ: PBYI) announced on June 3, 2022, the granting of inducement restricted stock unit awards covering 38,125 shares to six new non-executive employees. These awards, part of the 2017 Employment Inducement Incentive Award Plan, vest over three years. One-third will vest on the first anniversary of the June 1, 2022, commencement date, with subsequent vesting every six months. This inducement is compliant with Nasdaq Listing Rule 5635(c)(4). Puma is focused on innovative cancer care products, including NERLYNX, approved for HER2-positive breast cancer treatment.
Positive
Granting of 38,125 restricted stock units to new employees indicates company growth and talent acquisition.
The stock awards vesting over three years may enhance employee retention and commitment.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on June 3, 2022, the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering 38,125 shares of Puma common stock to six 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, June 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.
What is the significance of the restricted stock units granted by Puma Biotechnology on June 3, 2022?
The granting of 38,125 restricted stock units is a strategic move to attract and retain new talent, aligning employee interests with company performance.
How does the restricted stock award vest for Puma Biotechnology employees?
The restricted stock unit awards vest over three years, with one-third vesting after one year and the remainder vesting every six months thereafter, contingent on continued employment.
What is Puma Biotechnology's focus in the biopharmaceutical industry?
Puma Biotechnology is focused on developing and commercializing innovative products to enhance cancer care, including the treatment of HER2-positive breast cancer.
