Fusion Pharma jumps on acquiring prostate cancer drug candidate

Fusion Pharmaceuticals

14/02/2023 16:20

(Updates)
    ** Shares of radiopharmaceutical-focused biotech company
Fusion Pharmaceuticals Inc  FUSN.O  up 21% at $4.40 
    ** Stock among top Nasdaq percentage gainers, trading at
highest price since May 2022
    ** Co to acquire from RadioMedix Inc's drug candidate
targeting certain types of prostate cancers
    ** Following the closing of the deal, the alpha-emitting
drug candidate will be known as FPI-2265 
    ** FUSN plans to expand the drug's ongoing mid-stage program
to additional sites, expects to report data on 20 to 30 patients
in Q1 2024
    ** FUSN plans to raise gross proceeds of $60 mln through
private placement of 17.6 mln common shares, to use in the
acquisition of the drug
    ** Stock has fallen 50% in last 12 months
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))