Puma Biotechnology Reports Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
March 25 2020 - 5:01PM
Business Wire
Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical
company, announced that in connection with the appointment of Jeff
Ludwig as Puma’s Chief Commercial Officer, the Compensation
Committee of Puma’s Board of Directors approved a grant to Mr.
Ludwig of an inducement stock option to purchase 320,000 shares of
Puma common stock, at an exercise price per share equal to the
closing price of Puma’s common stock on the grant date. The option
was granted on March 20, 2020 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 option is scheduled to vest over a three-year period, with
one-third of the shares underlying the option vesting on March 16,
2021 and 1/36 of the shares underlying the option vesting on each
monthly anniversary thereafter, subject to continued employment
(and further subject to accelerated vesting on a qualifying
termination of employment in connection with a change in control of
Puma). The option was granted as an inducement that was a material
component of Mr. Ludwig’s decision to enter 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. The Company 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 July 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
August 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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version on businesswire.com: https://www.businesswire.com/news/home/20200325005742/en/
Alan H. Auerbach or Mariann Ohanesian Puma Biotechnology, Inc.
+1 424 248 6500 info@pumabiotechnology.com
ir@pumabiotechnology.com
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