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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (NASDAQ: FUSN), a clinical-stage oncology company, announced on March 8, 2023, that its compensation committee granted stock option awards for 21,000 shares of common stock to a new employee. This grant is in compliance with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize the employee's engagement. The options come with an exercise price of $4.63 per share, matching the closing price on March 6, 2023. Each option has a ten-year term and vests over four years. Fusion's portfolio includes several promising drugs currently in various phases of clinical trials, targeting multiple cancer-related pathways.

Positive

• Granting of stock options may enhance employee retention and motivation.
• Fusion's pipeline includes several drugs in clinical trials targeting significant cancer pathways.

Negative

• None.

HAMILTON, ON and BOSTON, March 8, 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 21,000 shares of its common stock to one employee 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 $4.63 per share, which is equal to the closing price of Fusion's common stock on March 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 to selectively deliver the alpha emitting payloads to tumors. Fusion's clinical portfolio includes: FPI-2265 targeting prostate specific membrane antigen (PSMA) for metastatic castration resistant prostate cancer currently in a Phase 2 trial; FPI-1434 targeting insulin-like growth factor 1 receptor currently in a Phase 1 trial; FPI-1966, targeting the fibroblast growth factor receptor 3 (FGFR3), currently in a Phase 1 trial; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1), currently in a Phase 1 trial. 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 Response 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, Niowave, Inc. and BWXT Medical.

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 is the stock option grant by Fusion Pharmaceuticals (FUSN) on March 8, 2023?

Fusion Pharmaceuticals announced the grant of stock options for 21,000 shares to a new employee, in line with Nasdaq Listing Rule 5635(c)(4).

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

The exercise price for the stock options is $4.63 per share.

How long do the stock options granted by Fusion Pharmaceuticals last?

The stock options have a ten-year term and vest over four years.

What are the key drugs in Fusion Pharmaceuticals' clinical portfolio?

Fusion's clinical portfolio includes FPI-2265, FPI-1434, FPI-1966, and FPI-2059, all targeting various cancer pathways.

What collaborations does Fusion Pharmaceuticals (FUSN) have?

Fusion has collaborations with AstraZeneca and Merck to develop targeted alpha therapies and combination treatments.