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

Rhea-AI Summary

Mirum Pharmaceuticals (Nasdaq: MIRM) announced on May 10, 2021, that its Compensation Committee granted stock options to purchase 87,500 shares to 9 new employees under the 2020 Inducement Plan. The options have an exercise price of $17.72 per share and will vest over four years, contingent upon continued employment. Mirum is focused on developing therapies for liver diseases, with its lead candidate maralixibat undergoing NDA review by the FDA, due by September 29, 2021. The company has also acquired options for gene therapy programs for PFIC2 and PFIC3, enhancing its product pipeline.

Positive

• Granting of stock options may improve employee retention and motivation.
• FDA accepted NDA for maralixibat, indicating progress towards commercialization.
• Acquisition of gene therapy programs expands Mirum's pipeline in liver diseases.

Negative

• None.

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on May 10, 2021, the Compensation Committee of Mirum’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 87,500 shares of common stock to 9 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 $17.72 per share, Mirum’s closing trading price on May 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. 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.

To augment its pipeline in cholestatic liver disease, Mirum has acquired the exclusive option to develop and commercialize two gene therapy programs, VTX-803 and VTX-802 for PFIC3 and PFIC2, respectively, from Vivet Therapeutics, following preclinical evaluation and IND-enabling studies.

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FAQ

What stock options were granted by Mirum Pharmaceuticals on May 10, 2021?

On May 10, 2021, Mirum Pharmaceuticals granted stock options to purchase an aggregate of 87,500 shares to 9 new employees.

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

The exercise price for the stock options is $17.72 per share.

What is the significance of the NDA submitted by Mirum for maralixibat?

The NDA for maralixibat is significant as it has been accepted for priority review by the FDA, with a PDUFA action date of September 29, 2021.

What new programs did Mirum Pharmaceuticals acquire recently?

Mirum recently acquired exclusive options to develop and commercialize two gene therapy programs, VTX-803 and VTX-802, for PFIC3 and PFIC2, respectively.