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

Rhea-AI Summary

Fusion Pharmaceuticals Inc. granted stock option awards for 119,000 shares to a new employee as an inducement under Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $6.60 per share, equal to the closing price on January 14, 2022. Each option has a ten-year term and vesting schedule, with 25% vesting after one year and the remaining vesting monthly over three years. Fusion focuses on developing radiopharmaceuticals as precision medicines, with its lead program in Phase 1 clinical trials.

Positive

• Inducement grant of 119,000 stock options as a strategic move to attract talent.
• Options have a ten-year term, indicating long-term compensation commitment.

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• None.

HAMILTON, ON and BOSTON, Jan. 18, 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 119,000 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 $6.60 per share, which is equal to the closing price of Fusion's common stock on January 14, 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, 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 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 did Fusion Pharmaceuticals announce on January 18, 2022?

On January 18, 2022, Fusion Pharmaceuticals announced the grant of stock options to purchase 119,000 shares to a new employee under Nasdaq Listing Rule 5635(c)(4).

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

The exercise price of the stock options is $6.60 per share, equal to the closing price on January 14, 2022.

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

The stock options vest over four years, with 25% vesting on the one-year anniversary of the grant date and the remaining shares vesting in equal installments over the following 36 months.

What is the focus of Fusion Pharmaceuticals' research and development?

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

What are the clinical programs that Fusion Pharmaceuticals is currently pursuing?

Fusion Pharmaceuticals has several clinical programs, including FPI-1434, currently in a Phase 1 clinical trial, and FPI-1966, which is advancing to a Phase 1 study after IND clearance.