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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) Inducement Awards to New Employees: Mirum Pharmaceuticals, Inc. announced the granting of inducement awards, including non-qualified stock options and restricted stock units, to five new employees under the 2020 Inducement Plan. Each stock option has an exercise price per share equal to $28.61 and will vest over four years, while the RSUs will vest over three years. The awards are subject to the terms and conditions of the Inducement Plan and an applicable award agreement.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on November 10, 2023, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 20,000 shares of common stock and 10,000 restricted stock units (“RSUs”) to five new employees under Mirum’s 2020 Inducement Plan. The Compensation Committee of Mirum’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price per share equal to $28.61 per share, Mirum’s closing trading price on November 10, 2023, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with Mirum through the applicable vesting dates. The RSUs will vest over three years, with 33% of the underlying shares vesting on each anniversary of the applicable vesting commencement date, subject to the new employees’ continued service relationship with Mirum through the applicable vesting dates. The awards are subject to the terms and conditions of Mirum’s 2020 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
LIVMARLI, an IBAT inhibitor, is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the U.S. (three months and older), in Europe (two months and older), and in Canada. Mirum has also submitted LIVMARLI for approval in the U.S. in cholestatic pruritus in PFIC patients three months of age and older and in Europe in PFIC for patients two months of age and older. Cholbam is FDA-approved for the treatment of bile acid synthesis disorders due to single enzyme deficiencies and adjunctive treatment of peroxisomal disorders in patients who show signs or symptoms or liver disease. Chenodal has received medical necessity recognition by the FDA to treat patients with cerebrotendinous xanthomatosis (CTX).
Mirum’s late-stage pipeline includes three investigational treatments for debilitating liver diseases. The LIVMARLI development program includes the Phase 2b EMBARK study for biliary atresia. Mirum’s second investigational IBAT inhibitor is volixibat, which is being evaluated in two potentially registrational studies including the Phase 2b VISTAS study for primary sclerosing cholangitis and Phase 2b VANTAGE study for primary biliary cholangitis. Lastly, Chenodal, has been evaluated in a Phase 3 clinical study, RESTORE, to treat patients with CTX.
What are the details of the inducement awards granted by Mirum Pharmaceuticals, Inc.?
Mirum Pharmaceuticals, Inc. granted inducement awards, including non-qualified stock options to purchase 20,000 shares of common stock and 10,000 restricted stock units (RSUs) to five new employees. Each stock option has an exercise price per share equal to $28.61 and will vest over four years, while the RSUs will vest over three years.
Under which plan were the inducement awards granted?
The inducement awards were granted under Mirum's 2020 Inducement Plan.
What is the vesting schedule for the stock options and RSUs?
The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary and the balance vesting monthly over 36 months. The RSUs will vest over three years, with 33% of the underlying shares vesting on each anniversary.
