Puma Biotechnology Reports Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
December 11 2018 - 5:56PM
Business Wire
Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical
company, announced that in connection with the appointment of
Maximo F. Nougues as Puma’s Chief Financial Officer, the
Compensation Committee of Puma’s Board of Directors approved a
grant to Mr. Nougues of an inducement stock option to purchase
90,000 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 November 11, 2018 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 November
5, 2019 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 to Mr. Nougues’ decision to enter into
employment with Puma, in accordance with Nasdaq Listing Rule
5635(c)(4).
Mr. Nougues’ inducement stock option originally was disclosed in
Puma’s news release dated December 10, 2018; this news release
contains additional information about the terms of the stock
option.
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 three drug candidates —
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.
NERLYNX was granted marketing authorization by the European
Commission for the extended adjuvant treatment of hormone
receptor-positive HER2-positive early stage breast cancer in
September 2018. NERLYNX is a registered trademark of Puma
Biotechnology, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20181211005989/en/
Puma Biotechnology, Inc.Alan H. Auerbach or Mariann Ohanesian,
+1 424 248
6500info@pumabiotechnology.comir@pumabiotechnology.comorRusso
PartnersDavid Schull or Alex Fudukidis, +1 212 845
4200david.schull@russopartnersllc.comalex.fudukidis@russopartnersllc.com
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