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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals, Inc. grants inducement awards to new employees involving stock options and restricted stock units. The awards are material to employment and align with Nasdaq rules, with options priced at $27.98 per share.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on February 9, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 33,200 shares of common stock and 16,610 restricted stock units (“RSUs”) to seven 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 $27.98 per share, Mirum’s closing trading price on February 9, 2024, 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.
LIVMARLI, an IBAT inhibitor, is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the U.S. (three months and older), in Europe (two months and older), and in Canada. Mirum has also submitted LIVMARLI for approval in the U.S. in cholestatic pruritus in PFIC patients three months of age and older and in Europe in PFIC for patients two months of age and older. Cholbam is FDA-approved for the treatment of bile acid synthesis disorders due to single enzyme defects and adjunctive treatment of peroxisomal disorders in patients who show signs or symptoms or liver disease. Chenodal has received medical necessity recognition by the FDA to treat patients with cerebrotendinous xanthomatosis (CTX).
Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases. Volixibat, an IBAT inhibitor, is being evaluated in two potentially registrational studies including the Phase 2b VISTAS study for primary sclerosing cholangitis and Phase 2b VANTAGE study for primary biliary cholangitis. Lastly, Chenodal has been evaluated in a Phase 3 clinical study, RESTORE, to treat patients with CTX, with positive topline results reported in 2023.
What type of awards did Mirum Pharmaceuticals grant to new employees?
Mirum Pharmaceuticals granted non-qualified stock options to purchase 33,200 shares of common stock and 16,610 restricted stock units (RSUs) to seven new employees.
How many shares can be purchased through the stock options?
The stock options allow the purchase of 33,200 shares of common stock.
What is the exercise price per share for the stock options?
The exercise price per share for the stock options is $27.98, based on Mirum's closing trading price on February 9, 2024.
How will the stock options and RSUs vest?
The stock options will vest over four years, with 25% of shares vesting after one year and the rest monthly over 36 months. The RSUs will vest over three years, with 33% vesting annually.
What conditions are attached to the awards?
The awards are subject to Mirum's 2020 Inducement Plan and specific award agreements, contingent on the new employees' continued service with Mirum.
mirum pharmaceuticals, inc., a biopharmaceutical company, focuses on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases. its lead product candidate is maralixibat, an investigational oral drug that is in phase 3 clinical trial for the treatment of progressive familial intrahepatic cholestasis disease, as well as for the treatment of alagille syndrome and biliary atresia disease. the company is also develops volixibat drug for treatment of intrahepatic cholestasis of pregnancy and primary sclerosing cholangitis. mirum pharmaceuticals, inc. was founded in 2018 and is headquartered in foster city, california.
