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

Rhea-AI Summary

Mirum Pharmaceuticals announced the grant of non-qualified stock options for 191,400 shares to 17 new employees as part of its 2020 Inducement Plan. The exercise price is set at $17.18, matching the closing price on June 10, 2021. The options will vest over four years, subject to continued service. Additionally, Mirum is advancing its pipeline in liver disease treatment with maralixibat, which has a PDUFA action date of September 29, 2021, and has acquired two gene therapy programs for pediatric liver diseases from Vivet Therapeutics.

Positive

• Granting of stock options to attract talent is a strategic move for long-term growth.
• PDUFA acceptance for maralixibat enhances potential market position in liver disease treatments.
• Acquisition of gene therapy programs expands Mirum's development pipeline.

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 191,400 shares of common stock to 17 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 $17.18 per share, Mirum’s closing trading price on June 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 did Mirum Pharmaceuticals grant?

Mirum Pharmaceuticals granted non-qualified stock options for 191,400 shares to 17 new employees.

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

The exercise price for the stock options is set at $17.18 per share.

When is the PDUFA action date for maralixibat?

The PDUFA action date for maralixibat is September 29, 2021.

What new programs has Mirum Pharmaceuticals acquired?

Mirum has acquired two gene therapy programs from Vivet Therapeutics for PFIC3 and PFIC2.