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

Rhea-AI Summary

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) announced on August 10, 2022 that it granted inducement awards of non-qualified stock options for 28,250 shares and 14,100 RSUs to eight new employees. Each stock option has an exercise price of $24.93 per share, the closing price on the grant date, and will vest over four years. The RSUs will vest over three years. These awards comply with Nasdaq Listing Rule 5635(c)(4) and are part of Mirum’s 2020 Inducement Plan. Mirum focuses on rare diseases, offering LIVMARLI for Alagille syndrome and has investigational treatments for other liver diseases.

Positive

• Grant of inducement awards aligns with company growth strategy and talent acquisition.
• Each stock option has an exercise price equal to the stock's market value, preventing immediate shareholder dilution.

Negative

• The vesting schedule extends up to four years, suggesting potential long-term commitment challenges.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on August 10, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 28,250 shares of common stock and 14,100 restricted stock units (“RSUs”) to eight 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 $24.93 per share, Mirum’s closing trading price on August 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, an oral IBAT inhibitor, is being evaluated in three potentially registrational studies including the VISTAS Phase 2b clinical trial for adults with primary sclerosing cholangitis, the OHANA Phase 2b clinical trial for pregnant women with intrahepatic cholestasis of pregnancy, and the VANTAGE Phase 2b clinical trial for adults with 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/20220810005857/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 were the inducement awards granted by Mirum Pharmaceuticals on August 10, 2022?

Mirum Pharmaceuticals granted non-qualified stock options for 28,250 shares and 14,100 RSUs to new employees.

What is the exercise price for the stock options granted on August 10, 2022?

The exercise price for the stock options is $24.93 per share.

How will the stock options and RSUs vest?

The stock options will vest over four years, while the RSUs will vest over three years.

Why did Mirum Pharmaceuticals grant inducement awards?

The awards were granted as an inducement material to the new employees' employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

What does Mirum Pharmaceuticals focus on?

Mirum Pharmaceuticals focuses on transforming the treatment of rare diseases, including cholestatic liver disease.