On January 27, 2016, Puma Biotechnology, Inc., through its legal counsel, responded to the Eshelman Letter, rejecting Eshelman's demands. In the letter, the Company stated that it stands by the truth of the statements contained in the investor presentation. In addition, the Company stated that if Eshelman persist in asserting baseless legal claims challenging the investor presentation, it will seek all available sanctions against Eshelman and Eshelman's counsel for the commencement and prosecution of meritless action.