Puma Biotechnology Announces Inducement Awards Per Nasdaq Rule 5635(c)(4) - June 07, 2024

Puma Biotechnology, Inc., a biopharmaceutical company listed on NASDAQ under the ticker PBYI, made an important announcement on June 6, 2024. The Compensation Committee of Puma’s Board of Directors approved the issuance of an inducement restricted stock unit award, covering 3,500 shares of Puma common stock, to a new non-executive employee. This award was granted under Puma’s 2017 Employment Inducement Incentive Award Plan, which was put into place on April 27, 2017, specifically to offer equity awards to new hires.

The restricted stock unit award vests over three years, with one-third of the shares vesting on the first anniversary of the award's vesting commencement date, June 1, 2024. Subsequently, one-sixth of the shares will vest every six months thereafter. This vesting schedule is contingent on the continued service of the employee. The grant of this award serves as a significant incentive for the new employee to join Puma, adhering to Nasdaq Listing Rule 5635(c)(4).

Puma Biotechnology, Inc. is primarily focused on the development and commercialization of novel products aimed at improving cancer treatment. The company acquired the global development and commercialization rights to PB272, known as neratinib, in 2011. The oral formulation of neratinib received approval from the U.S. Food and Drug Administration (FDA) in 2017 for the extended adjuvant treatment of adult patients with early-stage HER2-overexpressed/amplified breast cancer following adjuvant trastuzumab-based therapy. This medication is sold in the United States under the trade name NERLYNX® (neratinib) tablets.

By February 2020, the FDA had also approved NERLYNX in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who had received two or more prior anti-HER2-based regimens in the metastatic setting. Additionally, the European Commission granted marketing authorization for NERLYNX in 2018 for the extended adjuvant treatment of adult patients with early-stage hormone receptor-positive HER2-overexpressed/amplified breast cancer who are within one year of completing prior adjuvant trastuzumab-based therapy.

In September 2022, Puma Biotechnology entered into an exclusive license agreement for alisertib, an anti-cancer drug. Alisertib is a selective, small molecule, orally administered inhibitor of aurora kinase A. Puma plans to focus the development of alisertib initially on treating small cell lung cancer and breast cancer. In February 2024, Puma launched ALISCA-Lung 1, a Phase II clinical trial to evaluate alisertib monotherapy for treating patients with extensive-stage small cell lung cancer.