Mirum Pharmaceuticals, Inc. - MIRM STOCK NEWS

Mirum Pharmaceuticals has priced an offering of $275 million in 4.00% convertible senior notes due 2029, increased from an initial offering of $200 million. The settlement is scheduled for April 17, 2023. The notes, redeemable after May 5, 2026, will accrue interest at 4.00% annually, payable semi-annually. Mirum estimates net proceeds of approximately $265.5 million, intended for repurchasing revenue interests and general corporate purposes. The initial conversion rate is 31.5075 shares per $1,000 of notes, equating to an initial conversion price of around $31.74 per share, a 35% premium over Mirum's last share price of $23.51 on April 12, 2023.

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) announced a proposed private offering of $200 million in convertible senior notes due 2029, with an option to purchase an additional $30 million. The notes are senior, unsecured obligations, maturing on May 1, 2029, and holders can convert them under certain circumstances. Mirum plans to use net proceeds primarily to repurchase revenue interests amounting to approximately $192.7 million and for general corporate purposes, including working capital and potential acquisitions. The offering is subject to market conditions and will not be registered under the Securities Act. Forward-looking statements indicate risks regarding market conditions and the successful application of proceeds.

Mirum Pharmaceuticals (MIRM) reported preliminary financial results for Q1 2023, with total revenue of approximately $31.5 million. This revenue includes about $29.0 million from net product sales and $2.5 million from license revenue. As of March 31, 2023, the company holds approximately $232.1 million in cash and cash equivalents. Operating expenses have shown consistent to moderate increases compared to the previous quarter. Additionally, Mirum provided updates on its ongoing clinical trials, specifically the VISTAS Phase 2b trial for volixibat in primary sclerosing cholangitis, with an interim analysis expected later in 2023. It's important to note that the financial estimates are unaudited and subject to change.

On April 10, 2023, Mirum Pharmaceuticals (NASDAQ: MIRM) announced the granting of inducement awards to five new employees, including non-qualified stock options for 25,950 shares and 12,960 restricted stock units (RSUs), under its 2020 Inducement Plan. The options have an exercise price of $24.96, equal to Mirum’s closing price on the grant date. The options will vest over four years, while the RSUs will vest over three years, both subject to continued employment. Mirum is focused on developing treatments for rare liver diseases, with its approved medication, LIVMARLI (maralixibat), and ongoing clinical trials for additional treatments. The awards aim to incentivize new talent critical to Mirum's growth.

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) has appointed Tim Walbert to its Board of Directors, effective immediately. Walbert previously led Horizon Therapeutics and is recognized for his extensive experience in the biopharmaceutical industry. Niall O’Donnell, a director since November 2018, will step down during the upcoming 2023 Annual Meeting of Stockholders on June 12, 2023. Walbert aims to leverage his expertise in rare diseases to enhance Mirum's growth, particularly in developing therapies for debilitating liver conditions. The company’s existing product, LIVMARLI, is approved for cholestatic pruritus in patients with Alagille syndrome, with additional approvals pending. Chairman Mike Grey expressed confidence in Walbert’s contributions to bolster Mirum's market position in treating rare diseases.

Mirum Pharmaceuticals has submitted a variation application to the European Medicines Agency (EMA) to extend the Marketing Authorization for LIVMARLI (maralixibat) to treat progressive familial intrahepatic cholestasis (PFIC) in patients aged two months and older. This is based on data from the Phase 3 MARCH study, the largest trial for PFIC, showing significant improvements in serum bile acids, pruritus, bilirubin, and growth metrics. LIVMARLI is already approved for treating cholestatic pruritus associated with Alagille syndrome. The company also submitted a supplemental application to the U.S. FDA for similar use in PFIC patients three months and older.

Mirum Pharmaceuticals announced that the FDA has approved a label expansion for LIVMARLI® (maralixibat), lowering the age requirement for treatment of cholestatic pruritus in patients with Alagille syndrome (ALGS) from one year to three months. This change is supported by data from the RISE study on the safety and tolerability of LIVMARLI in infants. The approval allows early treatment for the majority of ALGS patients diagnosed before one year. Currently, LIVMARLI is also approved in Europe for patients aged two months and older. Mirum has also submitted a supplemental NDA for treating cholestatic pruritus in progressive familial intrahepatic cholestasis.

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.