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

Rhea-AI Summary

On March 10, 2021, Mirum Pharmaceuticals (Nasdaq: MIRM) granted stock options for 114,800 shares to five new employees under its 2020 Inducement Plan. Each option has an exercise price of $18.41, reflecting the closing price on the grant date. These options will vest over four years, with 25% vesting after one year. Mirum focuses on developing therapies for liver diseases, with its lead candidate, maralixibat, in late-stage development for conditions like Alagille syndrome and PFIC, with regulatory submissions pending.

Positive

• Granting of stock options may enhance employee retention and attract talent.
• Mirum's lead product, maralixibat, is progressing towards NDA submission, indicating potential revenue growth.
• The acceptance of marketing authorization for PFIC2 by the European Medicines Agency signals confidence in Mirum's development pipeline.

Negative

• None.

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on March 10, 2021, the Compensation Committee of Mirum’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 114,800 shares of common stock to five 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 $18.41 per share, Mirum’s closing trading price on March 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. 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.

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FAQ

What is the significance of Mirum Pharmaceuticals' stock option awards on March 10, 2021?

The stock option awards represent an incentive for employee retention and are tied to Mirum's growth strategy.

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

The exercise price for the stock options is set at $18.41 per share, which was Mirum's closing price on March 10, 2021.

How long will the stock options granted by Mirum Pharmaceuticals vest?

The stock options will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter.

What are the key products in Mirum Pharmaceuticals' pipeline?

Mirum is developing maralixibat for liver diseases like Alagille syndrome and PFIC, and volixibat for primary sclerosing cholangitis, among others.

Has Mirum Pharmaceuticals made any regulatory submissions recently?

Yes, Mirum has submitted an NDA for maralixibat and has a marketing authorization application for PFIC2 under review by the European Medicines Agency.