Mirum Raises $80 Million in Public Offering of Common Stock

Rare disease focused biotech Mirum Pharmaceuticals raised $80 million in an underwritten public offering of 3.5 million shares of its common stock at a price to the public of $23.00 per share.

In addition, Mirum has granted the underwriters a 30-day option to purchase up to an additional 521,739 shares of common stock at the public offering price, less underwriting discounts and commissions.

Mirum Pharmaceuticals develops drugs to treat rare liver diseases. The company’s approved medication is Livmarli (maralixibat) oral solution, which is approved in the U.S. for the treatment of cholestatic pruritus in patients with Alagille syndrome one year of age and older.

Livmarli, an oral ileal bile acid transporter (IBAT) inhibitor, is also currently being evaluated in clinical trials for pediatric liver diseases and includes the MARCH phase 3 clinical trial for progressive familial intrahepatic cholestasis (PFIC) and the EMBARK phase 2b clinical trial for patients with biliary atresia. In addition, Mirum has an expanded access program open across multiple countries for eligible patients with ALGS and PFIC.

A Marketing Authorization Application has been submitted to the European Medicines Agency for Livmarli for the treatment of cholestasis in patients with Alagille syndrome.

Mirum’s second investigational treatment, volixibat, an oral IBAT inhibitor, is being evaluated in three potentially registrational studies including the VISTAS phase 2b clinical trial for adults with primary sclerosing cholangitis, the OHANA phase 2b clinical trial for pregnant women with intrahepatic cholestasis of pregnancy, and the VANTAGE phase 2b clinical trial for adults with primary biliary cholangitis.

Author: Rare Daily Staff