Why Fusion Pharmaceuticals (FUSN) Shares Are Trading Higher Premarket Today

Fusion Pharmaceuticals Inc (NASDAQ:FUSN) acquired the investigational new drug application for an ongoing Phase 2 TATCIST trial evaluating 225Ac-PSMA I&T, a small molecule targeting prostate-specific membrane antigen (PSMA) expressed on prostate cancers, from RadioMedix Inc.
Following the closing, the alpha-emitting radiopharmaceutical evaluated in the TATCIST trial will be known as FPI-2265.
The TATCIST trial is evaluating metastatic castration-resistant prostate cancer patients with progressive disease, including patients who are naïve to PSMA-targeted radiopharmaceuticals and those who have been pre-treated with 177Lu-based PSMA radiopharmaceutical.
The trial is expected to evaluate approximately 100 patients, with four treatment cycles per patient occurring every eight weeks. Patients are initially dosed at 100 kBq/kg, with dose de-escalation possible based on biochemical response.
Efficacy will be assessed using changes in PSA levels and radiographic response.
Fusion plans to expand the Phase 2 program to additional sites and expects to report data on 20 to 30 patients in Q1 of 2024.
In connection with the closing of the acquisition of the TATCIST trial and related assets, Fusion has announced a private placement of $60 million.
Fusion will issue approximately 17.6 million shares at $3.40/share.
The company anticipates a cash balance of $248.0 million, sufficient to fund its planned operating expenses and capital expenditure requirements into Q1 of 2025.
Price Action: FUSN shares are up 30.70% at $4.73 during the premarket session on the last check Tuesday.

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Fusion Pharma Raises $60M To Fund Acquisition Of Prostate Cancer-Targeted Radiopharmaceutical