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

Rhea-AI Summary

Fusion Pharmaceuticals (Nasdaq: FUSN) announced on November 9, 2022, that its Board of Directors granted stock option awards for 104,000 shares to four new employees as an inducement for their hiring. The stock options have an exercise price of $1.98 per share, equivalent to the closing price on November 7, 2022. The options will vest over four years, with 25% vesting after one year. Fusion is focused on developing next-generation radiopharmaceuticals and has a robust pipeline, including collaborations with AstraZeneca and Merck.

Positive

• Inducement grants of stock options totaling 104,000 shares to new employees.
• The options have a favorable exercise price of $1.98, aligning with recent stock performance.
• Fusion's ongoing collaborations with AstraZeneca and Merck could enhance its market positioning.

Negative

• None.

HAMILTON, ON and BOSTON, Nov. 9, 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 104,000 shares of its common stock to four 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 $1.98 per share, which is equal to the closing price of Fusion's common stock on November 7, 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 first 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), currently in a Phase 1 study; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1), which has received FDA investigational new drug (IND) clearance and will begin a Phase 1 study. 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. To support Fusion's growing pipeline of TATs, the company has signed strategic actinium supply agreements with TRIUMF and Niowave, Inc.

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 are the stock option grants announced by Fusion Pharmaceuticals on November 9, 2022?

Fusion Pharmaceuticals announced the grant of 104,000 stock options to four employees as an inducement for their hiring.

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

The exercise price of the granted stock options is $1.98 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 one year.

What is the focus of Fusion Pharmaceuticals?

Fusion Pharmaceuticals focuses on developing next-generation radiopharmaceuticals for precision medicine.

What collaborations does Fusion Pharmaceuticals have?

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