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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals (MIRM) granted inducement awards to nine new employees, including stock options and restricted stock units. The awards were approved by the Compensation Committee of Mirum's Board of Directors as inducements for employment. Each stock option has an exercise price of $25.63 per share and will vest over four years, while the RSUs will vest over three years.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on April 10, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 36,100 shares of common stock and 18,050 restricted stock units (“RSUs”) to nine 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 $25.63 per share, Mirum’s closing trading price on April 10, 2024, 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.
LIVMARLI, an IBAT inhibitor, is approved for the treatment of two rare liver diseases affecting children and adults. It is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the U.S. (three months and older), in Europe (two months and older), and in other regions globally. It is also approved in the U.S. in cholestatic pruritus in PFIC patients five years of age and older. Mirum has submitted for approval in Europe for the treatment of PFIC in patients two months of age and older. CHOLBAM is FDA-approved for the treatment of bile acid synthesis disorders due to single enzyme deficiencies and adjunctive treatment of peroxisomal disorders in patients who show signs or symptoms or liver disease. CHENODAL has received medical necessity recognition by the FDA to treat patients with cerebrotendinous xanthomatosis (CTX).
Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases. Volixibat, an IBAT inhibitor, is being evaluated in two potentially registrational studies including the Phase 2b VISTAS study for primary sclerosing cholangitis and Phase 2b VANTAGE study for primary biliary cholangitis. Lastly, CHENODAL has been evaluated in a Phase 3 clinical study, RESTORE, to treat patients with CTX, with positive topline results reported in 2023.
What type of awards did Mirum Pharmaceuticals grant to new employees?
Mirum Pharmaceuticals granted non-qualified stock options to purchase 36,100 shares of common stock and 18,050 restricted stock units (RSUs) to nine new employees.
What is the exercise price per share for the stock options granted?
The exercise price per share for the stock options granted is $25.63, based on Mirum's closing trading price on April 10, 2024.
How long will it take for the stock options to vest?
The stock options 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 rest vesting monthly over 36 months.
What are the vesting conditions for the RSUs granted?
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.
Under which plan were these awards granted?
These awards were granted under Mirum's 2020 Inducement Plan, approved by the Compensation Committee of Mirum's Board of Directors.
