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 options totaling 80,000 shares to an employee outside its 2020 Stock Option and Incentive Plan. This award was made in accordance with Nasdaq Listing Rule 5635(c)(4), with an exercise price set at $9.41 per share, equal to the closing price on August 30, 2021. The options have a ten-year term and vest over four years. Fusion focuses on developing precision radiopharmaceuticals, with its lead program, FPI-1434, currently in a Phase 1 clinical trial.

Positive

• Granting of 80,000 stock options may attract talent and enhance employee retention.
• Exercise price set at $9.41 aligns with the company's recent stock performance.
• Fusion is advancing its lead program FPI-1434, indicating progress in clinical trials.

Negative

• None.

HAMILTON, Ontario and BOSTON, Aug. 31, 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 80,000 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 $9.41 per share, which is equal to the closing price of Fusion's common stock on August 30, 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fusion-pharmaceuticals-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301366537.html

SOURCE Fusion Pharmaceuticals Inc.

FAQ

What stock options were granted by Fusion Pharmaceuticals?

Fusion Pharmaceuticals granted options to purchase 80,000 shares as an inducement for a new employee.

What is the exercise price for the stock options granted by FUSN?

The exercise price for the stock options is $9.41 per share, equal to the closing price on August 30, 2021.

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

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

What is the clinical focus of Fusion Pharmaceuticals?

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

What phase is Fusion's lead program FPI-1434 currently in?

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