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

Rhea-AI Summary

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) announced the grant of non-qualified stock options for 118,800 shares to 10 new employees on April 12, 2021. The exercise price is set at $18.18 per share, which aligns with the closing trading price on the same day. The options will vest over four years, contingent on employment status. Mirum is advancing its late-stage pipeline, including maralixibat for Alagille syndrome, with an NDA under priority review by the FDA, and a marketing application validated by the European Medicines Agency for pediatric PFIC2.

Positive

• Grant of stock options may attract and retain talent, boosting company performance.
• Maralixibat's NDA is under priority review by the FDA, potentially expediting market entry.
• Validation of marketing application by the European Medicines Agency for pediatric PFIC2 enhances market opportunities.

Negative

• None.

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on April 12, 2021, the Compensation Committee of Mirum’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 118,800 shares of common stock to 10 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 $18.18 per share, Mirum’s closing trading price on April 12, 2021, 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

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. Mirum’s lead product candidate, maralixibat, is an investigational oral drug in development for Alagille syndrome (ALGS), progressive familial intrahepatic cholestasis (PFIC), and biliary atresia. Mirum has submitted an NDA for maralixibat in the treatment of cholestatic pruritus in patients with ALGS. The NDA has been accepted for priority review by the FDA with a PDUFA action date of September 29, 2021. Additionally, Mirum’s marketing authorization application for the treatment of pediatric patients with PFIC2 has been accepted for review (validated) by the European Medicines Agency.

Mirum is also developing volixibat, also an oral ASBT-inhibitor, in primary sclerosing cholangitis, intrahepatic cholestasis of pregnancy, and primary biliary cholangitis. For more information, visit MirumPharma.com.

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FAQ

What is the significance of Mirum's stock option grant on April 12, 2021?

The stock option grant, amounting to 118,800 shares, serves as an incentive for 10 new employees, potentially impacting talent retention and company performance.

What is the exercise price for the stock options granted by Mirum?

The exercise price for the stock options is set at $18.18 per share, reflecting Mirum's closing trading price on April 12, 2021.

What is the status of Mirum's NDA for maralixibat?

Mirum's NDA for maralixibat, aimed at treating Alagille syndrome, has been accepted for priority review by the FDA, with a PDUFA date of September 29, 2021.

What recent action has the European Medicines Agency taken regarding Mirum's applications?

The European Medicines Agency has validated Mirum's marketing authorization application for the treatment of pediatric PFIC2, paving the way for potential approval.