Puma Biotechnology Inc.’s stock took a dive last week after its regulatory executive resigned less than three weeks before a U.S. Food and Drug Administration panel is scheduled to review the public company’s breast cancer drug Neratinib.
The Westwood company’s share price dipped 14 percent to $31.38 at the close of business May 5 from $36.45 the day before, when the company notified the Securities and Exchange Commission that Robert Charnas, senior vice president of regulatory affairs and project management, would step down for health reasons effective May 15.
The stock was trading at $29.15 when the markets closed Monday.
The company, which has a market cap of $1.07 billion, hired 63-year-old Charnas last year with a base salary of more than $330,000, stock options, and a more than $378,000 signing bonus, according to the employment offer letter filed with the SEC.
An independent panel of experts is scheduled to review Neratinib for safety and efficacy May 24 before making a recommendation for its use to the FDA.
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