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

Rhea-AI Summary

On June 10, 2022, Mirum Pharmaceuticals granted inducement awards under its 2020 Inducement Plan to eight new employees. These awards consist of non-qualified stock options for 43,550 shares and 21,800 restricted stock units (RSUs). The stock options have an exercise price of $21.36 and will vest over four years, while RSUs will vest over three years. The awards comply with Nasdaq Listing Rule 5635(c)(4) and are aimed at incentivizing the new hires to drive growth in Mirum's rare disease treatments.

Positive

• Inducement awards for new employees may enhance talent acquisition, potentially leading to business growth.
• Stock options and RSUs create long-term incentives linked to the company's performance.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on June 10, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 43,550 shares of common stock and 21,800 restricted stock units (“RSUs”) to 8 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 $21.36 per share, Mirum’s closing trading price on June 10, 2022, 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 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. Please view the warnings and precautions available in the Prescribing information or, for more information, visit LIVMARLI.com.

Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases affecting children and adults. Maralixibat (LIVMARLI), an oral ileal bile acid transporter (IBAT) inhibitor, is currently being evaluated in clinical trials for pediatric liver diseases and includes the MARCH Phase 3 study for progressive familial intrahepatic cholestasis (PFIC) and the EMBARK Phase 2b study 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 has submitted a Marketing Authorization Application to the European Medicines Agency for maralixibat for the treatment of cholestatic liver disease in patients with Alagille syndrome.

Mirum’s second investigational treatment, volixibat, an oral IBAT inhibitor, is being evaluated in three potentially registrational studies including the VISTAS Phase 2b clinical trial for adults with primary sclerosing cholangitis, the OHANA Phase 2b clinical trial for pregnant women with intrahepatic cholestasis of pregnancy, and the VANTAGE Phase 2b clinical trial for adults with primary biliary cholangitis.

Learn more about Mirum by visiting www.mirumpharma.com. Follow Mirum on Twitter, Facebook, LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005620/en/

Investor Contacts:

Ian Clements, Ph.D.

ir@mirumpharma.com

Sam Martin

Argot Partners

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

What stock options were granted by Mirum Pharmaceuticals on June 10, 2022?

Mirum Pharmaceuticals granted non-qualified stock options to purchase 43,550 shares at an exercise price of $21.36.

What is the purpose of the inducement awards granted by Mirum Pharmaceuticals?

The inducement awards aim to attract and retain talent among new employees under the 2020 Inducement Plan.

How will the stock options vest for new employees at Mirum Pharmaceuticals?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly over 36 months.

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

The rule allows companies to grant inducement awards to new hires as a means to attract talent.