LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company,
today announced that on August 15, 2017 the Compensation Committee of
Puma’s Board of Directors approved the grant of inducement restricted
stock unit awards covering an aggregate of 241,250 shares of Puma common
stock to 107 new non-executive employees.
The awards were 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 awards vest over a three-year period, with
one-third of the shares underlying each award vesting on the first
anniversary of the grant date and one-sixth of the shares underlying
each award vesting on each six-month anniversary of the grant date
thereafter, subject to continued service. The awards were granted as an
inducement material to the new employees 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. The Company in-licenses the global development and
commercialization rights to three drug candidates — PB272 (neratinib
(oral)), PB272 (neratinib (intravenous)) and PB357. NERLYNX™ (neratinib)
is approved for commercial use by prescription in the United States as
extended adjuvant therapy for early stage HER2-positive breast cancer
following adjuvant trastuzumab-based therapy and is marketed as NERLYNX.
Nertatinib is a potent irreversible tyrosine kinase inhibitor that
blocks signal transduction through the epidermal growth factor
receptors, HER1, HER2 and HER4. Currently, the Company is primarily
focused on the commercialization of NERLYNX and the continued
development of its other advanced drug candidates directed at the
treatment of HER2-positive breast cancer. The Company believes that
NERLYNX has clinical application in the potential treatment of several
other cancers that over-express or have a mutation in HER2. Further
information about Puma Biotechnology can be found at www.pumabiotechnology.com.
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