Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
January 19 2024 - 9:30PM
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.
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 approved 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.
To learn more about Mirum, visit mirumpharma.com and follow
Mirum on Facebook, LinkedIn, Instagram and Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20240119341558/en/
Investor Contacts: Andrew McKibben ir@mirumpharma.com
Sam Martin Argot Partners ir@mirumpharma.com
Media Contact: Erin Murphy media@mirumpharma.com
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