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2020 News Releases
Puma Biotechnology Reports Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
LOS ANGELES, Calif., March 25, 2020 - Puma Biotechnology, Inc. (NASDAQ: PBYI), a
biopharmaceutical company, announced that in connection with the appointment of Jeff Ludwig as
Puma’s Chief Commercial Officer, the Compensation Committee of Puma’s Board of Directors approved
a grant to Mr. Ludwig of an inducement stock option to purchase 320,000 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 March 20, 2020 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 March 16, 2021 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 Mr. Ludwig’s decision to enter 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 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. In February 2020, NERLYNX was also approved by the FDA in
combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-
positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic
setting. NERLYNX was granted marketing authorization by the European Commission in August 2018
for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-
overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant
trastuzumab-based therapy. NERLYNX is a registered trademark of Puma Biotechnology, Inc.
Contact:
Alan H. Auerbach or Mariann Ohanesian, Puma Biotechnology, Inc., +1 424 248 6500
info@pumabiotechnology.com
ir@pumabiotechnology.com
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Puma Biotechnology, Inc.
10880 Wilshire Blvd., Suite 2150
Los Angeles, CA 90024
424-248-6500 Main
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