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

Rhea-AI Summary

Puma Biotechnology, Inc. (NASDAQ: PBYI) announced on March 4, 2021, that its Compensation Committee approved an inducement restricted stock unit award for 3,500 shares to a new non-executive employee. This grant is part of Puma's 2017 Employment Inducement Incentive Award Plan and vests over three years. The award aims to incentivize the new hire to join the company. Puma focuses on innovative cancer care treatments, with its approved product NERLYNX® (neratinib) indicated for early and advanced HER2-positive breast cancer.

Positive

• Grant of 3,500 shares to incentivize new employee.
• Vesting structure over three years benefits employee retention.

Negative

• None.

Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on March 4, 2021 the Compensation Committee of Puma’s Board of Directors approved the grant of an inducement restricted stock unit award covering an aggregate of 3,500 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 each award vesting on the first anniversary of the award’s vesting commencement date, March 1, 2021, 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 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-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.

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FAQ

What is the stock grant approved by Puma Biotechnology on March 4, 2021?

The Compensation Committee approved a grant of an inducement restricted stock unit award covering 3,500 shares to a new non-executive employee.

What does the vesting schedule of the stock award entail?

The award vests over three years, with one-third of the shares vesting on the first anniversary and one-sixth on each subsequent six-month anniversary.

What is the purpose of the stock unit award for Puma's new employee?

The award serves as an inducement for the new employee to join Puma Biotechnology.

What is NERLYNX and its significance for Puma Biotechnology?

NERLYNX (neratinib) is Puma's FDA-approved product for treating HER2-positive breast cancer, enhancing the company's portfolio in cancer care.