Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On March 10, 2022, Mirum Pharmaceuticals (NASDAQ: MIRM) granted inducement awards to two new employees, consisting of non-qualified stock options for 16,350 shares and 8,150 restricted stock units (RSUs). The stock options have an exercise price of $21.91, equivalent to the company's closing price on the grant date, and will vest over four years. The RSUs will vest over three years. These grants are part of Mirum's 2020 Inducement Plan and comply with Nasdaq regulations.

Positive

• Inducement awards granted to attract new talent, enhancing workforce capabilities.
• Stock options exercise price set at $21.91, aligning incentive with shareholder value.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on March 10, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 16,350 shares of common stock and 8,150 restricted stock units (“RSUs”) to two 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 $21.91 per share, Mirum’s closing trading price on March 10, 2022, 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.

About Mirum Pharmaceuticals, Inc.

Mirum Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to transforming the treatment of rare diseases. Mirum’s approved medication is LIVMARLI^® (maralixibat) oral solution which is approved in the U.S. for the treatment of cholestatic pruritus in patients with Alagille syndrome one year of age and older. Please view the warnings and precautions available in the Prescribing information or, for more information, visit LIVMARLI.com.

Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases affecting children and adults. Maralixibat (LIVMARLI), an oral ileal bile acid transporter (IBAT) inhibitor, is currently being evaluated in clinical trials for pediatric liver diseases and includes the MARCH Phase 3 study for progressive familial intrahepatic cholestasis (PFIC) and the EMBARK Phase 2b study for patients with biliary atresia. In addition, Mirum has an expanded access program open across multiple countries for eligible patients with ALGS and PFIC.

Mirum has submitted a Marketing Authorization Application to the European Medicines Agency for maralixibat for the treatment of cholestatic liver disease in patients with Alagille syndrome.

Mirum’s second investigational treatment, volixibat, also an oral IBAT inhibitor, is being evaluated in three potentially registrational studies including the OHANA Phase 2b study for pregnant women with intrahepatic cholestasis of pregnancy, VISTAS Phase 2b study for adults with primary sclerosing cholangitis, and the VANTAGE Phase 2b study for primary biliary cholangitis.

Learn more about Mirum by visiting www.mirumpharma.com. Follow Mirum on Twitter, Facebook, LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005901/en/

Investor Contacts:

Ian Clements, Ph.D.

ir@mirumpharma.com

Sam Martin

Argot Partners

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

What stock options were granted by Mirum Pharmaceuticals on March 10, 2022?

Mirum Pharmaceuticals granted non-qualified stock options to purchase 16,350 shares at $21.91 each.

How many RSUs were awarded to new employees at Mirum Pharmaceuticals?

A total of 8,150 restricted stock units (RSUs) were awarded.

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

The stock options will vest over four years, with 25% vesting after the first year.

What is the purpose of the inducement awards granted by Mirum Pharmaceuticals?

The inducement awards aim to attract and retain new employees.

Are the inducement awards granted by Mirum Pharmaceuticals compliant with Nasdaq rules?

Yes, the awards comply with Nasdaq Listing Rule 5635(c)(4).