SAN DIEGO, CALIFORNIA--(Marketwired - July 15, 2013) - Mirati Therapeutics Inc. ("Mirati Therapeutics" or the "Company") (MYG.TO) (MRTX) today announced that the NASDAQ Capital Market ("NASDAQ") has informed the Company that its common stock will commence trading on the NASDAQ beginning today, July 15, 2013 under the ticker symbol MRTX.
Mirati Therapeutics is focused on the development of novel therapeutics for the treatment of cancer. "Mirati" means "targeted" in Italian and reflects the new company focus: targeted therapeutics, targeted patient selection, and targeted execution that drives value. Mirati Therapeutics was created from the drug discovery foundation of MethylGene, Inc., reshaped under the direction of a new leadership team with extensive experience in successful development and registration of targeted oncology drugs. Mirati is advancing three exciting oncology programs: MGCD265, mocetinostat and MGCD516 which were all discovered and developed internally.
The listing on the NASDAQ exchange is the culmination of a series of strategic restructuring steps to become a U.S.-based, NASDAQ-listed company with headquarters in San Diego. The changes were designed to streamline internal operations, expedite drug development activities and attract additional key talent as well as improve the investment profile of the Company by exposing Mirati Therapeutics to the broader U.S. capital markets.
"The initiation of trading of Mirati stock on the NASDAQ exchange represents a critical milestone for the Company", said Dr. Charles Baum, President and Chief Executive Officer of Mirati Therapeutics. "With increased visibility to a much wider investor base, as well as greater liquidity and efficiency in trading on the NASDAQ, Mirati is now better positioned to see the promise of MGCD265, mocetinostat and MGCD516 translate into significant new medicines to address the unmet needs of cancer patients".
About Mirati Therapeutics
Mirati Therapeutics is a publicly-traded biopharmaceutical company engaged in the development of novel therapeutics for the treatment of cancer. Our compounds result from internal chemistry efforts targeting the active sites of enzymes that are key drivers of tumor growth. Our highly targeted clinical development programs are focused on treating selected tumor types that express high levels or key driver mutations of these targets in order to most effectively address unmet patient needs. Our lead program in clinical development is MGCD265, a multi-targeted small molecule kinase inhibitor for treatment of oncology patients with solid tumors. We are also evaluating development opportunities in oncology for mocetinostat, a spectrum-selective HDAC inhibitor for the treatment of patients with myelodysplastic syndrome or lymphoma and MGCD516, a unique kinase inhibitor with a distinct target profile for the treatment of patients with non-small cell lung cancer and other solid tumors. Mirati Therapeutics shares are traded on the NASDAQ (symbol MRTX) and the Toronto Stock Exchange (symbol MYG).
Notice to Investors
This news release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities.
Forward Looking Statements
Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking information and forward-looking statements (collectively "forward-looking statements" within the meaning of applicable securities laws). Such statements, based as they are on the current expectations of management of Mirati and upon what management believes to be reasonable assumptions based on information currently available to it, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond Mirati's control. Such statements can usually be identified by the use of words such as "may", "would", "believe", "intend", "plan", "anticipate", "estimate" and other similar terminology, or state that certain actions, events or results "may" or "would" be taken, occur or be achieved. Forward-looking statements in this release include, but are not limited to, statements regarding the intended effects of Mirati's restructuring steps and Mirati's ability to advance its pipeline and deliver shareholder value.
Whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict. These risks include those inherent in drug development, whether Mirati will be able to obtain financing when needed or on favourable terms, and other risks described in Mirati's filings with the Securities and Exchange Commission. In evaluating any forward-looking statements in this release, Mirati cautions readers not to place undue reliance on any forward-looking statements. Unless otherwise required by applicable securities laws, Mirati does not intend, nor does it undertake any obligation, to update or revise any forward-looking statements contained in this news release to reflect subsequent information, events, results or circumstances or otherwise.