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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Summary
On February 10, 2022, Mirum Pharmaceuticals granted inducement awards to two new employees, including non-qualified stock options for 14,200 shares and 7,100 restricted stock units (RSUs) under its 2020 Inducement Plan. The stock options have an exercise price of $22.41, the closing price on the grant date, and vest over four years. The RSUs vest over three years. Mirum, a biopharmaceutical company, focuses on treatments for rare diseases, with an approved drug LIVMARLI for cholestatic pruritus and a late-stage pipeline for liver diseases.
Positive
Inducement awards for new employees valued, potentially enhancing talent acquisition.
Stock options and RSUs structured to promote long-term employee retention.
Negative
No significant negative aspects identified.
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on February 10, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 14,200 shares of common stock and 7,100 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 $22.41 per share, Mirum’s closing trading price on February 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.
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 in Canada, Australia, the UK and several countries in Europe for eligible patients with Alagille syndrome.
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.
What awards did Mirum Pharmaceuticals grant on February 10, 2022?
Mirum Pharmaceuticals granted inducement awards including non-qualified stock options to purchase 14,200 shares and 7,100 restricted stock units (RSUs) to two new employees.
What is the exercise price for the stock options granted by Mirum?
The exercise price for the stock options is $22.41 per share, which was Mirum’s closing trading price on February 10, 2022.
How long is the vesting period for the stock options granted by Mirum?
The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly thereafter.
What is the purpose of the RSUs granted by Mirum?
The RSUs are designed to vest over three years, with 33% vesting on each anniversary, promoting employee retention.
What is the focus of Mirum Pharmaceuticals as a company?
Mirum Pharmaceuticals focuses on transforming the treatment of rare diseases, with a particular emphasis on liver diseases.
