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

Rhea-AI Summary

Fusion Pharmaceuticals (Nasdaq: FUSN) announced on July 7, 2022, that its Board of Directors approved stock option grants totaling 37,200 shares to a new employee, in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $2.46 per share, matching the closing stock price on July 5, 2022. They vest over four years, with 25% vesting after the first year. Fusion specializes in developing precision radiopharmaceuticals, with a focus on innovative oncology therapies, including ongoing Phase 1 trials for its lead product, FPI-1434.

Positive

• Stock option grants may enhance employee retention and motivation.
• Fusion's development of precision radiopharmaceuticals could capture market share in oncology.

Negative

• Employee stock options could dilute existing shareholders if exercised.
• The company's clinical pipeline is still in early development stages, posing risks to future revenue.

HAMILTON, ON and BOSTON, July 7, 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 37,200 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 $2.46 per share, which is equal to the closing price of Fusion's common stock on July 5, 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, and leveraging the Company's actinium supply and manufacturing expertise, 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) and FPI-2059, a small molecule acquired from Ipsen, targeting neurotensin receptor 1 (NTSR1). In addition to a robust proprietary pipeline, Fusion has a collaboration with AstraZeneca to jointly develop up to three novel targeted alpha therapies (TATs), the first of which is currently in IND enabling studies, and explore up to five combination programs between Fusion's TATs and AstraZeneca's DNA Damage Repair Inhibitors (DDRis) and immuno-oncology agents. Fusion also recently 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.

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 was announced by Fusion Pharmaceuticals on July 7, 2022?

Fusion Pharmaceuticals announced stock option grants for 37,200 shares to a new employee.

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

The exercise price of the stock options is $2.46 per share.

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

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

What is Fusion Pharmaceuticals' focus in the healthcare sector?

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