On March 10, 2022 Puma Biotechnology, Inc. (the Company) (Nasdaq: PBYI), a biopharmaceutical company, reported that it has entered into a securities purchase agreement with Alan H Auerbach, the Company’s Chief Executive Officer, President and Chairman of the Board, as well as a fund of Athyrium Capital Management, LP, a specialized asset management company focused on opportunities in the global healthcare sector, in connection with the sale in a private placement of 3,584,228 shares of common stock at a purchase price of $2.79 per share, which was the closing price of the common stock on the Nasdaq Global Select Market on the date of the securities purchase agreement (Press release, Puma Biotechnology, MAR 10, 2022, View Source [SID1234609929]). Gross proceeds to the Company will be approximately $10 million before deducting any offering expenses. The Company plans to use the net proceeds from the private placement primarily for general corporate purposes.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

The private placement is expected to close on March 10, 2022, subject to the satisfaction of customary closing conditions. Additional details regarding the private placement will be included in a Form 8-K to be filed by the Company with the Securities and Exchange Commission (SEC).

The shares of common stock being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable in connection with the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.