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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) announced the granting of stock options for 36,000 shares to three employees outside the 2020 Stock Option and Incentive Plan. This award is in line with Nasdaq Listing Rule 5635(c)(4) and has an exercise price of $3.67 per share, equal to the stock's closing price on June 6, 2022. The options vest over four years, with 25% vesting after one year. Fusion focuses on developing next-generation radiopharmaceuticals targeting oncology, with ongoing projects like FPI-1434 in Phase 1 trials.

Positive

• Granting of 36,000 stock options indicates growth and attraction of talent.
• Stock options have a favorable exercise price reflecting market valuation.
• Fusion's focus on precision medicine positions it well within the oncology sector.

Negative

• None.

HAMILTON, ON and BOSTON, June 8, 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 36,000 shares of its common stock to three 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 $3.67 per share, which is equal to the closing price of Fusion's common stock on June 6, 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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/fusion-pharmaceuticals-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301564308.html

SOURCE Fusion Pharmaceuticals Inc.

FAQ

What is Fusion Pharmaceuticals' recent stock option grant?

Fusion Pharmaceuticals granted stock options for 36,000 shares as part of an inducement package for new employees.

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

The exercise price for the granted stock options is $3.67 per share.

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

The stock options vest over four years, with 25% vesting after the first year.

What is Fusion Pharmaceuticals' main focus as a company?

Fusion Pharmaceuticals focuses on developing next-generation radiopharmaceuticals as precision medicines for oncology.

What is the current clinical stage of Fusion Pharmaceuticals' lead program?

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