Corporate Highlights - Strategically Financed for Growth
| | • | | Cash, cash equivalents and investments of $231.8 million at end of 2020, including: |
| | • | | Gross proceeds of $75 million from follow-on public offering of common stock in the fourth quarter. |
| | • | | Gross proceeds of $60 million, including a $10 million equity investment, from the funding arrangement with Oberland Capital in the fourth quarter. |
| | • | | Access to up to an additional $150 million from the Oberland Capital funding arrangement to support maralixibat potential launch and pipeline expansion. |
| | • | | Maralixibat has rare pediatric disease designation for both the treatment of pruritus associated with Alagille syndrome and the treatment of PFIC2. The designation makes maralixibat eligible for a Rare Pediatric Disease Priority Review voucher upon approval of the therapy by the FDA. |
Global Launch Readiness
Today, the company announced the appointment of Alexey Kutahov, MD as its general manager, EMEA, to lead its launch readiness activities for maralixibat in Europe. Dr. Kutahov will be responsible for all European activities related to market development and commercial launch strategies, with direct oversight of marketing, market access and sales. Dr. Kutahov joins Mirum with 20 years leading biopharmaceutical development and commercialization programs, having served most recently as general manager of Europe for Sarepta Therapeutics. Prior to Sarepta, Dr. Kutahov was head of market access innovation at Amgen. Before joining Amgen, he was head of central European market access at Novartis. Dr. Kutahov also held positions of increasing responsibility at Eli Lilly and Sandoz.
In connection with his employment, the Compensation Committee of Mirum’s Board of Directors granted Dr. Kutahov an inducement award consisting of a non-qualified stock option to purchase 55,000 shares of common stock under Mirum’s 2020 Inducement Plan. The Compensation Committee of Mirum’s Board of Directors approved the award as an inducement material to Dr. Kutahov’s employment in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option has an exercise price per share equal to $19.44 per share, Mirum’s closing trading price on January 11, 2020, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to Dr. Kutahov’s continued service relationship with Mirum through the applicable vesting dates. The award is subject to the terms and conditions of Mirum’s 2020 Inducement Plan and the terms and conditions of an award agreement covering the grant.
About Mirum Pharmaceuticals
Mirum Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases. Mirum’s lead product candidate, maralixibat, is an investigational oral drug in development for Alagille syndrome (ALGS), progressive familial intrahepatic cholestasis (PFIC), and biliary atresia. Mirum has initiated a rolling NDA submission for maralixibat in the treatment of cholestatic pruritus in patients with ALGS and expects to complete the submission in the first quarter of 2021. Additionally, Mirum’s marketing authorization application for the treatment of pediatric patients with PFIC2 has been accepted for review (validated) by the European Medicines Agency.
