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Mirati Therapeutics Reports Third Quarter 2015 Financial Results And Provides Business Update

The following excerpt is from the company's SEC filing.

Completed Successful Public Offering of Common Stock that Generated $94.9 Million

SAN DIEGO Nov. 6, 2015 Mirati Therapeutics, Inc. (Mirati) (NASDAQ: MRTX) today reported financial results for the third quarter ended September 30, 2015 and provided an update on its drug development programs.

Over the last quarter we made substantial progress against our goals, including strengthening our balance sheet, said Charles M. Baum, M.D., Ph.D., president and CEO, Mirati. In September, we completed a successful financing that enables us to advance all of our clinical development programs to the next s tage.

Recent and Upcoming Pipeline Highlights

Operations:

Completed a public offering of 2.25 million shares of common stock at $45.00 per share in September 2015, generating net proceeds of $94.9 million

MGCD265: Molecularly targeted kinase inhibitor

World Conference on Lung Cancer 2015: Presented data demonstrating the favorable tolerability and clinical efficacy of MGCD265, with confirmed responses in non-small cell lung cancer (NSCLC) patients with MET and Axl gene amplification

The poster can be found on the Companys website at www.mirati.com

Additional information about this clinical trial of MGCD265 is available at www.clinicaltrials.gov using identifier: NCT00697632

The Company expects to initiate a single arm, open-label Phase 2 study in NSCLC patients, with driver alterations in MET, by the end of the year. MET alterations occur in up to 7% of NSCLC patients

MGCD516: Molecularly targeted kinase inhibitor

European Cancer Congress (ECC) 2015: Presented interim clinical data from the ongoing Phase 1 dose escalation study of MGCD516 in patients with advanced solid tumors.

Demonstrated that MGCD516 is well tolerated with a favorable pharmacokinetic profile

Additional information about this clinical trial of MGCD516 is available at www.clinicaltrials.gov using identifier: NCT02219711

The Company has initiated the expansion cohorts in selected patients and expects preliminary data in 2016. The initial focus will be on NSCLC in patients with genetic driver mutations, including RET, Trk and DDR

Mocetinostat: Class I & IV HDAC inhibitor

Announced an immuno-oncology clinical trial collaboration with MedImmune, the global biologic research and development arm of AstraZeneca, to evaluate the safety and efficacy of mocetinostat in combination with durvalumab, an investigational anti-PD-L1 immune checkpoint inhibitor. The initial Phase 2 study will be conducted in patients with NSCLC and is expected to begin in the first half of 2016

Third Quarter 2015 Financial Results

Cash, cash equivalents, and short-term investments were $138.0 million at September 30, 2015, compared to $29.3 million at December 31, 2014. In September 2015, the Company completed a public offering of 2.25 million shares of its common stock, generating net proceeds of $94.9 million. In February 2015, the Company completed a public offering of 2.6 million shares of its common stock, generating net proceeds of $48.4...


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