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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) announced on April 5, 2023, that its Board of Directors granted stock option awards to purchase 258,000 shares to four employees outside of the company's 2020 Stock Option and Incentive Plan. These options, priced at $3.80 per share, align with the closing price on April 3, 2023, and will vest over four years. Fusion is a clinical-stage oncology company specializing in next-generation radiopharmaceuticals, with key clinical trials underway targeting various cancers, including metastatic castration-resistant prostate cancer. The company has collaborations with AstraZeneca and Merck for innovative therapies. This move reflects Fusion's commitment to attracting talent as it advances its clinical pipeline.

Positive

• Granted 258,000 stock options, enhancing employee retention and attraction.
• Stock options granted at a market price of $3.80, aligning with industry standards.
• Active collaborations with AstraZeneca and Merck to advance treatment options.

Negative

• None.

HAMILTON, ON and BOSTON, April 5, 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 258,000 shares of its common stock to four 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 $3.80 per share, which is equal to the closing price of Fusion's common stock on April 3, 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

FAQ

What recent stock option awards did Fusion Pharmaceuticals announce?

Fusion Pharmaceuticals announced stock option awards for 258,000 shares to four employees, granted on April 5, 2023.

What is the exercise price for the stock options granted by Fusion Pharmaceuticals?

The exercise price for the stock options is $3.80 per share, equal to the stock's closing price on April 3, 2023.

How long is the vesting period for the stock options at Fusion Pharmaceuticals?

The stock options vest over four years, with 25% vesting after one year and the remainder in equal monthly installments.

What type of company is Fusion Pharmaceuticals?

Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals.

What collaborations does Fusion Pharmaceuticals have to enhance its clinical pipeline?

Fusion has collaborations with AstraZeneca and Merck to develop targeted therapies and evaluate combinations with their treatments.