Fusion Pharmaceuticals to acquire Phase 2 program for prostate cancer candidate

Fusion Pharmaceuticals acquired from RadioMedix the investigational new drug application for an ongoing Phase 2 clinical trial evaluating 225Ac-PSMA I&T, a small molecule targeting prostate specific membrane antigen expressed on prostate cancers. Following the closing, the alpha-emitting radiopharmaceutical being evaluated in the TATCIST trial will be known as FPI-2265. Fusion plans to expand the Phase 2 program to additional sites and expects to report data on 20 to 30 patients in the 1Q24. In connection with the closing of the acquisition of the TATCIST trial and related assets, Fusion has agreed to sell an aggregate of approximately 17.6 million common shares to certain accredited institutional investors in a private placement in public equity financing. The offering is expected to result in gross proceeds to Fusion of approximately $60.0M, before deducting placement agent fees and other offering expenses payable by Fusion. At the closing of the offering, Fusion will issue approximately 17.6 million of its common shares at a price of $3.40 per share. The closing of the offering is expected to occur on or about February 16. Upon the closing of the offering, Fusion anticipates having $248.0M in cash and cash equivalents, which it believes will be sufficient to fund its planned operating expenses and capital expenditure requirements into 1Q25.