Puma Biotechnology, Inc.

Palo Alto Investors, LLC (PAI) is a leading private investment firm. We make long-term investments for high-net-worth and institutional investors based on original, deep, fundamental research. We don’t rent stocks. We own them. With approximately $900 million in assets under management, we offer a diversified micro cap fund and healthcare sector funds. Significant partner ownership in all of our Funds serves to align our financial interests with the financial interests of our clients. At PAI our mission is to deliver superior returns to our clients by investing for the long term. At the core of our investment philosophy lies the belief that intensive, original research is required to discover and evaluate inefficiently priced equities. We generally focus our investments in micro cap and small cap U.S. equities, which are not closely followed by Wall Street sell-side research firms. We target overlooked, misunderstood and undervalued segments of the equity markets, such as healthcare, energy and technology that have significant potential for appreciation. Our experienced research team has extensive industry experience in the sectors they cover. They utilize a disciplined, bottom-up approach to identify promising investments, and the firm’s investment policies ensure liquidity horizons that are sufficient to take advantage of new opportunities. PAI is committed to providing exemplary client service, maintaining the highest level of ethics, operational excellence and professionalism. PAI is independently owned, and has been registered with the SEC since its inception in 1989

Melqart Asset Management UK invests in various funds that pursue investment strategies that involve investing in a wide range of securities and instruments without limitation in various jurisdictions. The firm applies a credit risk capital component of 8 percent to its non-trading book risk weighted exposure. As the firm does not make use of an external credit rating agency, it is obligated to use a risk weight of 100 percent to all non-trading book credit exposures, except cash and cash equivalents which are held by investment grade firms and currently attract a risk weighting of 20 percent.

Weatherbie Capital specializes in the research and portfolio management of smaller growth equity stock portfolios, principally stocks traded on the New York Stock Exchange or NASDAQ market exchange and the portfolios may hold ADR's The firm manages both long-only and long/short portfolios for their clients. Their private funds may also invest in ETFs and exchange traded options.Weatherbie seeks long term growth of capital through emphasis on bottom-up stock-picking based on thorough fundamental research of portfolio candidates. They utilize a disciplined approach to stock valuation that tries to ensure companies owned have strong earnings growth but also are sound stock market values. Weatherbie is only interested in investments in smaller companies of high growth and high quality.

Wellington Management Co. LLP (Private Equity) focuses in companies located in US. The firm invests in consumer discretionary, technology, financial services, biotech, and health care. They provide capital for growth and later stage capital requirement.

FMR may use a variety of methods of security analysis in managing client assets to select investments including fundamental analysis, quantitative analysis and cyclical analysis. They may also use general macro-economic analysis as a component of its security analysis methods. In addition to relying on public financial statement information, the firm may use extensive corporate visits and interviews with issuer management teams in conducting research. When it comes to the management of the client assets according to the investment objectives, FMR may use a variety of investment strategies including, but not limited to, investing in stocks and other public and private equity securities, bonds and other debt securities of all types and repurchase agreements for those securities, real estate related investments of all types, derivatives, currency spot and forward trading, other investment funds, including exchange traded funds and FMR's or its affiliates' central funds. They may also engage in securities lending to parties such as broker-dealers or other institutions.

OrbiMed focuses exclusively on global investments across the entire spectrum of private and publicly-traded life sciences companies. They seek to invest in the most promising investment opportunities regardless of a company's stage of development. The firm invests at all stages of development from private start-ups and university spinouts to the largest global pharmaceutical companies. OrbiMed focuses on companies involved in drug development, drug discovery and medical devices, with particular emphasis on mid-stage private companies. Investments typically range from $5 million to $40 million. OrbiMed is generally a lead investor and takes an active role on their portfolio companies' boards of directors