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

Rhea-AI Summary

On November 10, 2020, Mirum Pharmaceuticals granted stock options for 36,300 shares to two new employees under its 2020 Inducement Plan. The exercise price is fixed at $17.96, based on the closing stock price on that date. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter. Mirum is focused on developing therapies for liver diseases, notably maralixibat, which is in the process of NDA submission for Alagille syndrome and plans for a marketing application for PFIC2.

Positive

• The granting of stock options may attract talent, enhancing company operations.
• Mirum's lead product, maralixibat, is in advanced stages with ongoing NDA submissions, potentially leading to increased revenues.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)--Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM), a biopharmaceutical company focused on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases, today announced that on November 10, 2020, the Compensation Committee of Mirum’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 36,300 shares of common stock 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 $17.96 per share, Mirum’s closing trading price on November 10, 2020, 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 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

Mirum Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases. The company’s lead product candidate, maralixibat, is an investigational oral drug in development for Alagille syndrome (ALGS), progressive familial intrahepatic cholestasis (PFIC), and biliary atresia. The company has initiated a rolling NDA submission for maralixibat in the treatment of patients with cholestatic pruritus associated with ALGS and expects to complete the submission in the first quarter of 2021. Additionally, the company plans to submit a marketing authorization application to the European Medicines Agency for maralixibat in the treatment of patients with PFIC2 in the fourth quarter 2020.

The company is also developing volixibat, also an oral ASBT-inhibitor, in primary sclerosing cholangitis and intrahepatic cholestasis of pregnancy. For more information, visit MirumPharma.com. Follow Mirum on Twitter, Facebook and LinkedIn.