LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NYSE: PBYI), a biopharmaceutical company,
announced that the deadline for Fredric Eshelman to deliver the
requisite consents expired on February 15, 2016, and that Puma’s
shareholders have overwhelmingly rejected Eshelman’s consent
solicitation. Shareholders representing over 80% of the Company’s shares
outstanding rejected all of the proposals initiated by Eshelman by
revoking consent on the Company’s Blue Consent Revocation Card or
affirmatively withholding consent on Eshelman’s White Card, and to the
Company’s knowledge, other than the shares held by Eshelman, which
account for less than 0.5% of the Company’s shares outstanding, only
approximately 0.3% of the Company’s shares outstanding consented to
Eshelman’s proposals.
“We are grateful for the support that our shareholders have shown for
our Board and management team,” said Alan H. Auerbach, Chief Executive
Officer and President of Puma. “We leave behind us a process that has
been disruptive to the Company, its employees and business partners and
has cost significant management and financial resources. We can now
direct all of our efforts to the more important business at hand, the
development of neratinib.”
About Puma Biotechnology
Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on
the acquisition, development and commercialization of innovative
products to enhance cancer care. The Company aims to acquire proprietary
rights to these products, by license or otherwise, fund their research
and development and bring the products to market. The Company is
initially focused on the development of PB272 (oral neratinib), a potent
irreversible tyrosine kinase inhibitor, for the treatment of patients
with HER2-positive breast cancer and patients with non-small cell lung
cancer, breast cancer and other solid tumors that have a HER2 mutation.
Further information about Puma Biotechnology may be found at www.pumabiotechnology.com.
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