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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals (MIRM) announced on March 10, 2023, that its Compensation Committee granted inducement awards to four new employees, comprising stock options for 40,050 shares and 20,050 restricted stock units (RSUs) under its 2020 Inducement Plan. Each option has an exercise price of $22.30, matching the closing price on the grant date, and will vest over four years. The RSUs will vest over three years. Mirum is dedicated to treating rare liver diseases, with its chief product, LIVMARLI, approved for cholestatic pruritus in patients with Alagille syndrome. The company is advancing two investigational treatments for liver diseases.
Positive
Inducement awards granted to four new employees, potentially attracting talent.
Stock options and RSUs indicate a commitment to employee retention and motivation.
Negative
None.
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on March 10, 2023, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 40,050 shares of common stock and 20,050 restricted stock units (“RSUs”) to four 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 $22.30 per share, Mirum’s closing trading price on March 10, 2023, 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 liver 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, and in Europe for the same indication in patients two months of age and older.
Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases affecting children and adults. LIVMARLI, an oral ileal bile acid transporter (IBAT) inhibitor, is currently being evaluated in clinical trials for pediatric liver diseases and includes the EMBARK Phase 2b clinical trial for patients with biliary atresia. In addition, Mirum has an expanded access program open across multiple countries for eligible patients with ALGS and PFIC.
Mirum’s second investigational treatment, volixibat, an oral IBAT inhibitor, is being evaluated in two potentially registrational studies including the VISTAS Phase 2b clinical trial for adults with primary sclerosing cholangitis and the VANTAGE Phase 2b clinical trial for adults with primary biliary cholangitis.
What are the inducement awards granted by Mirum Pharmaceuticals on March 10, 2023?
Mirum Pharmaceuticals granted inducement awards consisting of stock options for 40,050 shares and 20,050 restricted stock units (RSUs) to four new employees.
What is the exercise price of the stock options granted by Mirum Pharmaceuticals?
The exercise price of the stock options granted by Mirum Pharmaceuticals is $22.30 per share.
How long will the stock options and RSUs vest for Mirum Pharmaceuticals employees?
The stock options will vest over four years, while the RSUs will vest over three years.
What is Mirum Pharmaceuticals' main product?
Mirum Pharmaceuticals' main product is LIVMARLI, approved for treating cholestatic pruritus in patients with Alagille syndrome.
