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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) announced the grant of stock option awards for 60,000 shares to a new employee, in compliance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $7.79, matching the closing stock price on March 28, 2022. Each option has a ten-year term and vests over four years. The company focuses on developing next-generation radiopharmaceuticals, with their lead program, FPI-1434, currently in Phase 1 clinical trials. Collaborations with AstraZeneca and Merck enhance their pipeline's potential.

Positive

• Stock option grant of 60,000 shares may attract talent.
• Lead program FPI-1434 in Phase 1 trials, indicating progress in clinical development.
• Collaborations with AstraZeneca and Merck could drive innovation and revenue.

Negative

• None.

HAMILTON, ON and BOSTON, March 30, 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 60,000 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 $7.79 per share, which is equal to the closing price of Fusion's common stock on March 28, 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-5635c4-301514140.html

SOURCE Fusion Pharmaceuticals Inc.

FAQ

What stock options were granted by Fusion Pharmaceuticals on March 30, 2022?

Fusion granted stock options to purchase 60,000 shares at an exercise price of $7.79.

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

The stock option grant is intended to attract a new employee as per Nasdaq Listing Rule 5635(c)(4).

What is the current status of Fusion Pharmaceuticals' lead program, FPI-1434?

FPI-1434 is currently in a Phase 1 clinical trial.

Who are the collaborators of Fusion Pharmaceuticals?

Fusion has collaborations with AstraZeneca and Merck to develop novel therapies.

What are the terms of the stock options granted by Fusion Pharmaceuticals?

The options have a ten-year term and vest over four years.