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Mirum Pharmaceuticals, Inc. granted inducement awards to new employees, including stock options and restricted stock units. The awards are subject to vesting conditions over several years.
FOSTER CITY, Calif.–(BUSINESS WIRE)– Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on March 8, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 27,200 shares of common stock and 13,600 restricted stock units (“RSUs”) to six 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 $28.15 per share, Mirum’s closing trading price on March 8, 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.
About Mirum Pharmaceuticals, Inc.
Mirum Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to transforming the treatment of rare diseases affecting children and adults. Mirum has three available medications: LIVMARLI® (maralixibat) oral solution, Cholbam® (cholic acid) capsules, and Chenodal® (chenodiol) tablets.
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.
To learn more about Mirum, visit mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240308263460/en/
Investor Contacts:
Andrew McKibben
Sam Martin
Argot Partners
Media Contact:
Erin Murphy
Source: Mirum Pharmaceuticals, Inc.
Mirum Pharmaceuticals granted non-qualified stock options to purchase 27,200 shares of common stock and 13,600 restricted stock units (RSUs) to six new employees.
The stock options granted allow the purchase of 27,200 shares of common stock.
The exercise price per share for the stock options is $28.15, based on Mirum’s closing trading price on March 8, 2024.
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.
The awards are subject to the terms of Mirum’s 2020 Inducement Plan and the specific award agreement covering the grant, along with continued service relationship requirements.
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About MIRM
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.
