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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) granted stock option awards for 90,400 shares to a new employee, as per Nasdaq Listing Rule 5635(c)(4). The exercise price is set at $8.23 per share, matching the closing price on July 6, 2021. These options vest over four years, starting with 25% vesting on the one-year anniversary. Fusion focuses on developing precision medicines using next-generation radiopharmaceuticals, with its lead program, FPI-1434, currently in a Phase 1 clinical trial aimed at targeting various tumor types.

Positive

• Inducement grants may enhance employee retention and recruitment.
• The exercise price of $8.23 reflects a strategic employment incentive aligned with market conditions.

Negative

• None.

HAMILTON, Ontario and BOSTON, July 7, 2021 /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 90,400 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 $8.23 per share, which is equal to the closing price of Fusion's common stock on July 6, 2021. 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 targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's lead program, FPI-1434, is currently in a Phase 1 clinical trial. The Company is advancing a pipeline of targeted radiopharmaceutical cancer therapies for a broad array of tumor types based upon its proprietary platform which includes internal research and development capabilities, manufacturing and supply chain expertise, and the Company's proprietary Fast-Clear™ linker technology.

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SOURCE Fusion Pharmaceuticals Inc.

FAQ

What is the significance of Fusion Pharmaceuticals' stock option grant on July 7, 2021?

The grant aims to attract and retain talent, aligning employee interests with shareholder value.

How many shares were granted in the stock option award by Fusion Pharmaceuticals?

A total of 90,400 shares were awarded to one employee.

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

The exercise price is set at $8.23 per share.

What is the vesting schedule for the stock options awarded by Fusion Pharmaceuticals?

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

What is Fusion Pharmaceuticals’ lead program and its current status?

Fusion's lead program, FPI-1434, is currently undergoing a Phase 1 clinical trial.