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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) has granted stock options to purchase 12,600 shares of common stock to a new employee, as per Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $8.07, matching the company's closing stock price on February 7, 2022. These options feature a ten-year term and vest over four years. Fusion focuses on next-generation radiopharmaceuticals, with a pipeline including FPI-1434 in Phase 1 trials and collaborations with AstraZeneca and Merck for targeted therapies.

Positive

• Granting stock options may enhance employee motivation and retention.
• Collaboration with AstraZeneca and Merck could advance Fusion's pipeline and market potential.

Negative

• None.

HAMILTON, ON and BOSTON, Feb. 9, 2022 /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 12,600 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 $8.07 per share, which is equal to the closing price of Fusion's common stock on February 7, 2022. 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. Employing a proprietary Fast-Clear™ linker technology, Fusion connects alpha particle emitting isotopes to various targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's lead 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), advancing to a Phase 1 study following the investigational new drug (IND) clearance; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1). 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. Fusion and Hamilton, Ontario-based McMaster University are building a current Good Manufacturing Practice (GMP) compliant radiopharmaceutical manufacturing facility designed to support manufacturing of the Company's growing pipeline of TATs.

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 did Fusion Pharmaceuticals grant recently?

Fusion Pharmaceuticals granted stock options to purchase 12,600 shares with an exercise price of $8.07.

What is the vesting period for the stock options granted by Fusion Pharmaceuticals?

The stock options vest over four years, with 25% vesting on the one-year anniversary and the remainder in equal installments over the next 36 months.

What is the purpose of the stock option grant by Fusion Pharmaceuticals?

The stock options were granted as an inducement for the individual to join Fusion Pharmaceuticals as an employee.

What is Fusion Pharmaceuticals' focus in oncology?

Fusion Pharmaceuticals is focused on developing next-generation radiopharmaceuticals as precision medicines.