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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals, Inc. (MIRM) granted inducement awards, including non-qualified stock options and restricted stock units, to five new employees under its 2020 Inducement Plan. The stock options have an exercise price of $32.86 per share and will vest over four years, while the RSUs will vest over three years. The awards are subject to the terms and conditions of the Inducement Plan and the applicable award agreement.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on December 8, 2023, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 25,750 shares of common stock and 12,880 restricted stock units (“RSUs”) 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 $32.86 per share, Mirum’s closing trading price on December 8, 2023, 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 three investigational treatments for debilitating liver diseases. The LIVMARLI development program includes the Phase 2b EMBARK study for biliary atresia. Mirum’s second investigational IBAT inhibitor is volixibat, which 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.
What did Mirum Pharmaceuticals, Inc. (MIRM) announce on December 8, 2023?
Mirum Pharmaceuticals, Inc. (MIRM) announced that it granted inducement awards, including non-qualified stock options and restricted stock units, to five new employees under its 2020 Inducement Plan.
How many shares of common stock were included in the inducement awards?
The inducement awards consisted of non-qualified stock options to purchase 25,750 shares of common stock and 12,880 restricted stock units (RSUs).
What is the exercise price per share of the stock options?
The exercise price per share of the stock options is $32.86, which was Mirum's closing trading price on December 8, 2023.
How long will it take for the stock options to vest?
The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary and the balance vesting monthly thereafter over 36 months.
How long will it take for the RSUs to vest?
The RSUs will vest over three years, with 33% of the underlying shares vesting on each anniversary of the applicable vesting commencement date.
What are the conditions for the awards?
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.
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.
