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

Rhea-AI Summary

Mirum Pharmaceuticals (Nasdaq: MIRM) announced the granting of non-qualified stock options to three new employees, totaling 21,500 shares. These options, priced at $21.22 each, are part of the 2020 Inducement Plan and will vest over four years. The decision aligns with Nasdaq Listing Rule 5635(c)(4). Mirum focuses on developing therapies for liver diseases, with its lead candidate, maralixibat, under NDA review for Alagille syndrome and a marketing application for PFIC accepted by the European Medicines Agency.

Positive

• Granting of stock options to new employees may enhance company attractiveness to talent.
• Mirum's lead product, maralixibat, is under NDA review, potentially leading to future revenue.
• Marketing authorization application for PFIC2 accepted by the EMA indicates positive progress in product development.

Negative

• None.

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on February 10, 2021, the Compensation Committee of Mirum’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 21,500 shares of common stock to three 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 $21.22 per share, Mirum’s closing trading price on February 10, 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. 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 recent stock awards did Mirum Pharmaceuticals grant?

On February 10, 2021, Mirum Pharmaceuticals granted 21,500 non-qualified stock options to three new employees.

What is the exercise price for Mirum's stock options?

The exercise price for the stock options is $21.22, which coincides with Mirum's closing trading price on February 10, 2021.

What does the 2020 Inducement Plan involve?

The 2020 Inducement Plan outlines the conditions under which stock options are granted to employees as an employment incentive.

What is the significance of Nasdaq Listing Rule 5635(c)(4) in Mirum's stock option grant?

Nasdaq Listing Rule 5635(c)(4) allows companies to grant stock options as inducements for new hires, which Mirum followed in this instance.

What therapies is Mirum Pharmaceuticals focusing on?

Mirum Pharmaceuticals is focused on developing therapies for debilitating liver diseases, including maralixibat for conditions like Alagille syndrome and PFIC.