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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. (Nasdaq: FUSN) announced a stock option grant of 90,400 shares to a new employee, per Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $7.09, equal to the stock's closing price on November 1, 2021. Vesting occurs over four years, starting with 25% after one year. Fusion focuses on developing next-generation radiopharmaceuticals as precision medicines, with its lead program, FPI-1434, in Phase 1 trials. The company also collaborates with AstraZeneca and Merck on innovative cancer treatments.

Positive

• Grant of 90,400 stock options enhances employee incentives.
• Collaboration with AstraZeneca and Merck could boost development of targeted therapies.
• Fusion's clinical-stage pipeline includes promising candidates like FPI-1434 and FPI-1966.

Negative

• None.

HAMILTON, Ontario and BOSTON, Nov. 3, 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 90,400 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 $7.09 per share, which is equal to the closing price of Fusion's common stock on November 1, 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. Employing a proprietary Fast-Clear™ linker technology, 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.

 

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SOURCE Fusion Pharmaceuticals Inc.

FAQ

What is the stock option grant announced by Fusion Pharmaceuticals on November 3, 2021?

Fusion Pharmaceuticals granted stock options to purchase 90,400 shares to a new employee as an inducement, in compliance with Nasdaq rules.

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

The exercise price for the stock options is $7.09 per share, equal to the closing price on November 1, 2021.

What is the vesting period for the stock options granted to the employee?

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

What is Fusion Pharmaceuticals' focus in the healthcare sector?

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

What are Fusion Pharmaceuticals' lead programs in clinical trials?

Fusion's lead program, FPI-1434, is currently in Phase 1 clinical trials targeting IGF-1R, along with other candidates in development.