Puma Biotechnology Inc., a cancer drug developer founded by a veteran Los Angeles biotech executive, said it will begin trading shares on the OTC Bulletin Board on Wednesday.
The West Los Angeles biopharmaceutical company said its stock has been approved for quotation on the OTC Bulletin Board and the OTC Market Group’s OTC Link quotation system under the symbol “PBYI.”
The company in November sold about 1.3 million shares of common stock to accredited investors at $3.75 a share for proceeds of $5 million. Shareholders in an earlier $55 million round included Adage Capital Partners, H&Q Healthcare Investors and T. Rowe Price Associates. Puma did say not how many shares would be available for trading on the OTC.
Puma was founded by Cougar Biotechnology Chief Executive Alan Auerbach, who sold Cougar to Johnson & Johnson for $894 million in July 2009 and launched his new company last year. Puma is developing a breast cancer treatment, oral neratinib, which was licensed from Pfizer Inc.