SAN DIEGO, CALIFORNIA and MONTREAL, CANADA--(Marketwired - June 28, 2013) - MethylGene Inc. ("MethylGene") (MYG.TO) and Mirati Therapeutics Inc. ("Mirati Therapeutics") today announced the successful completion, effective June 28, 2013, of the previously announced plan of arrangement (the "Arrangement"), whereby, among other things, MethylGene would migrate to the State of Delaware in the United States of America. Under the Arrangement, Mirati Therapeutics, a holding company, has become the ultimate parent corporation of MethylGene and its subsidiaries. Each MethylGene shareholder received one share of Mirati Therapeutics common stock ("Mirati Share") for every 50 common shares of MethylGene held, having the effect of a 1 for 50 reverse split. In addition, all outstanding warrants and options have become exerciseable for Mirati Shares and the exercise price and the number of common shares issuable thereunder have been proportionately adjusted to reflect the 1 for 50 effective reverse split. The Mirati Shares are expected to commence trading on the TSX on July 3, 2013, under the symbol "MYG".
The Arrangement was overwhelmingly approved by shareholders of MethylGene at the Annual and Special meeting held on June 25, 2013. The Ontario Superior Court of Justice (Commercial List) issued a final order approving the Arrangement on Thursday, June 27, 2013.
Mirati Therapeutics will base its headquarters in San Diego, California, with offices in Princeton, New Jersey and Montreal, Canada.
"This is a pivotal step in the evolution of our company and the advancement of our programs in targeted oncology," said Dr. Charles Baum, President and Chief Executive Officer of Mirati Therapeutics. "As a U.S. corporation, Mirati Therapeutics has the best opportunity to bring novel therapeutics to oncology patients and significantly increase the value of the company."
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 clinical development programs are focused on treating selected tumor types that express high levels 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 and MGCD516, a kinase inhibitor with a distinct target profile.
Notice to Investors
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