LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company,
today announced that on January 16, 2018 the Compensation Committee of
Puma’s Board of Directors approved the grant of an inducement stock
option to purchase 90,000 shares of Puma common stock to Douglas Hunt in
connection with Mr. Hunt’s commencement of employment with the Company
as its Senior Vice President of Regulatory Affairs.
The award was 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 stock option
vests over a three-year period, with one-third of the shares underlying
the award vesting on the first anniversary of January 2, 2018 and
one-thirty-sixth of the shares underlying the award vesting on each
monthly anniversary thereafter, subject to Mr. Hunt’s continued
employment with the Company. The award was granted as an inducement
material to Mr. Hunt 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. 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 is a registered trademark of Puma
Biotechnology, Inc. Further information about Puma Biotechnology can be
found at www.pumabiotechnology.com.
Contact: