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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) announced on March 24, 2022, that its Board of Directors granted stock options to purchase 25,800 shares of common stock to two new employees. The options have an exercise price of $7.50 per share, matching the closing stock price on March 21, 2022. These options vest over four years, beginning with 25% on the first anniversary. Fusion focuses on developing next-generation radiopharmaceuticals, with ongoing Phase 1 trials for its lead program, FPI-1434, and collaborations with AstraZeneca and Merck for targeted therapies.

Positive

• Granting stock options to attract talent, potentially enhancing company performance.
• Lead program FPI-1434 is in Phase 1 clinical trials, indicating progress in development.
• Strategic collaborations with AstraZeneca and Merck could strengthen pipeline and market position.

Negative

• None.

HAMILTON, ON and BOSTON, March 24, 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 25,800 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 $7.50 per share, which is equal to the closing price of Fusion's common stock on March 21, 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. 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 recent 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 were granted by Fusion Pharmaceuticals?

Fusion Pharmaceuticals granted stock options to purchase 25,800 shares at an exercise price of $7.50 each.

When were the stock options awarded to Fusion Pharmaceuticals employees?

The stock options were granted on March 24, 2022.

What is the purpose of the stock options granted by Fusion Pharmaceuticals?

The stock options were granted as an inducement for two new employees to join the company.

What is Fusion Pharmaceuticals' lead clinical program?

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

Who are the collaborators of Fusion Pharmaceuticals?

Fusion has collaborations with AstraZeneca and Merck for developing targeted therapies.