Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) - Jan 20, 2024

January 19, 2024 |

2 min read

Mirum Pharmaceuticals, Inc. 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 under Mirum’s 2020 Inducement Plan.

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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240119341558/en/

Contacts

Investor Contacts:
Andrew McKibben
ir@mirumpharma.com

Sam Martin
Argot Partners
ir@mirumpharma.com

Media Contact:
Erin Murphy
media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

View this news release online at:
http://www.businesswire.com/news/home/20240119341558/en

Mirum Pharmaceuticals