Fusion Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) announced the grant of stock option awards totaling 161,000 shares to two new employees, as part of an inducement under Nasdaq Listing Rule 5635(c)(4). The options, with an exercise price of $3.35 per share, mirror the closing price on February 6, 2023. Each option has a ten-year term and vests over four years, with 25% vesting after one year and the rest in equal installments over the following three years. Fusion is engaged in developing innovative radiopharmaceuticals, with ongoing Phase 1 clinical trials for several programs, including FPI-1434 and collaborations with AstraZeneca and Merck.

Positive

• Grant of 161,000 stock options to attract talent, indicating growth and expansion.
• Options tied to the closing stock price, enhancing employee alignment with shareholder interests.
• Active clinical programs with ongoing Phase 1 trials, reflecting progress in product development.

Negative

• None.

HAMILTON, ON and BOSTON, Feb. 7, 2023 /PRNewswire/ -- Fusion Pharmaceuticals Inc. (Nasdaq: FUSN), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines, today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 161,000 shares of its common stock to two employees outside Fusion's 2020 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individual becoming an employee of Fusion in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $3.35 per share, which is equal to the closing price of Fusion's common stock on February 6, 2023. Each option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the one-year anniversary of the grant date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Fusion through the applicable vesting dates.

About Fusion
Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines. Fusion connects alpha particle emitting isotopes to various targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's first program, FPI-1434 targeting insulin-like growth factor 1 receptor, is currently in a Phase 1 clinical trial. The pipeline includes FPI-1966, targeting the fibroblast growth factor receptor 3 (FGFR3), currently in a Phase 1 study; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1), which has received FDA investigational new drug (IND) clearance and will begin a Phase 1 study. In addition to a robust proprietary pipeline, Fusion has a collaboration with AstraZeneca to jointly develop novel targeted alpha therapies (TATs) and combination programs between Fusion's TATs and AstraZeneca's DNA Damage Repair Inhibitors (DDRis) and immuno-oncology agents. Fusion has also entered into a collaboration with Merck to evaluate FPI-1434 in combination with Merck's KEYTRUDA^® (pembrolizumab) in patients with solid tumors expressing IGF-1R. To support Fusion's growing pipeline of TATs, the company has signed strategic actinium supply agreements with TRIUMF and Niowave, Inc.

For further information: Amanda Cray, Senior Director of Investor Relations & Corporate Communications, 617-967-0207, cray@fusionpharma.com 

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SOURCE Fusion Pharmaceuticals Inc.

FAQ

What stock options were granted by Fusion Pharmaceuticals on February 7, 2023?

Fusion Pharmaceuticals granted stock options to purchase 161,000 shares to two employees.

What is the exercise price of the stock options granted by FUSN?

The exercise price of the stock options is $3.35 per share.

How will the stock options for Fusion Pharmaceuticals vest?

The options vest over four years, with 25% vesting after the first year and the rest in equal installments over the following 36 months.

What is the significance of Nasdaq Listing Rule 5635(c)(4) for FUSN?

This rule allows Fusion to grant stock options as an inducement to new employees.

What clinical trials are being conducted by Fusion Pharmaceuticals?

Fusion is conducting Phase 1 trials for FPI-1434, FPI-1966, and FPI-2059.