Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) disclosed today that its Compensation Committee, a part of Mirum’s Board of Directors, has authorized the allocation of inducement awards to 11 new recruits under the company’s 2020 Inducement Plan. These awards encompass non-qualified stock options allowing the purchase of 38,600 shares of common stock, alongside 19,300 restricted stock units (“RSUs”). This decision aligns with Nasdaq Listing Rule 5635(c)(4), regarding inducements deemed significant to the employment of new personnel.
Each stock option carries an exercise price of $24.76 per share, reflecting Mirum’s closing trading price on May 10, 2024. They will vest over four years, with 25% of the shares vesting on the first anniversary of the commencement date, followed by monthly vesting over the subsequent 36 months, contingent upon the employees’ ongoing tenure with Mirum. The RSUs will vest over three years, with 33% vesting annually, subject to continued employment with Mirum.
These awards are subject to the terms and conditions laid out in Mirum’s 2020 Inducement Plan and the relevant award agreements.
Mirum Pharmaceuticals, Inc. is dedicated to revolutionizing the treatment landscape for rare diseases affecting both children and adults. Presently, the company offers three medications: LIVMARLI® (maralixibat) oral solution, Cholbam® (cholic acid) capsules, and Chenodal® (chenodiol) tablets.
LIVMARLI, an IBAT inhibitor, holds approvals for treating two rare liver diseases in both pediatric and adult patients. It is sanctioned for addressing cholestatic pruritus in Alagille syndrome patients in various regions globally and for the same condition in PFIC patients in the U.S. Mirum has also sought approval in Europe for PFIC treatment. CHOLBAM is FDA-approved for bile acid synthesis disorders and adjunctive treatment of peroxisomal disorders. CHENODAL has received FDA recognition for treating patients with cerebrotendinous xanthomatosis (CTX).
Mirum’s pipeline includes two investigational treatments for severe liver diseases. Volixibat, an IBAT inhibitor, is undergoing evaluation in potentially registrational studies, including VISTAS for primary sclerosing cholangitis and VANTAGE for primary biliary cholangitis. Additionally, CHENODAL underwent a Phase 3 clinical study, RESTORE, for CTX treatment, with positive topline results reported in 2023.
