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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals, Inc. announces the approval of an inducement grant of non-qualified stock options and restricted stock units for their new Chief Medical Officer, Dr. Joanne Quan. The grant includes 75,000 shares of common stock and 37,500 RSUs under Mirum's 2020 Inducement Plan. The stock options have an exercise price of $26.72 per share and will vest over four years, while the RSUs will vest over three years. This grant was approved as an inducement material to Dr. Quan's employment in accordance with Nasdaq Listing Rule 5635(c)(4).
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that in conjunction with the recent appointment of Joanne Quan, MD as Chief Medical Officer, the Compensation Committee of Mirum’s Board of Directors approved an inducement grant of non-qualified stock options to purchase 75,000 shares of common stock and 37,500 restricted stock units (“RSUs”) under Mirum’s 2020 Inducement Plan. The Compensation Committee approved the awards as an inducement material to Dr. Quan’s employment in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option has an exercise price per share equal to $26.72 per share, Mirum’s closing trading price on January 16, 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 Dr. Quan’s 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 her continued service relationship with Mirum through the applicable vesting dates.
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.
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.
