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Mirati Therapeutics Reports Fourth Quarter and Full Year 2013 Financial Results
SAN DIEGO, March 17, 2014 /PRNewswire/ Mirati Therapeutics, Inc. (Mirati) (NASDAQ: MRTX) today reported financial results for the fourth quarter and year ended December 31, 2013 and provided a corporate update.
2013 Corporate Highlights
· Completed transformational corporate reorganization by recruiting highly experienced precision oncology team, listing company common stock on NASDAQ and establishing corporate headquarters in San Diego, CA
· Defined development strategies for the Companys three oncology assets, positioning the Company to deliver key clinical data for each program in 2014
· Optimized and selected new formulation of MGCD265 tyrosine kinase inhibitor with the goal of initiating dose expansion cohorts in the first half of 2014
· Advanced preclinical development of MGCD516, a tyrosine kinase inhibitor with development focused on targeting Trk, RET and DDR families with the goal of initiating Phase 1 development in the first half of 2014
· Initiated dose confirmation study for mocetinostat in patients with myelodysplastic syndrome and progressed discussions with the FDA on Phase 3 plans
· Strengthened financial position with public equity financing in Q4 2013 that generated net proceeds of $54.2 million
In 2013, we transformed the company into a strong oncology development organization focused on achieving key milestones for each of the precision oncology therapeutic candidates in our pipeline. We have recruited an accomplished management team which has refined the clinical development strategies for all of our programs to target driver mutations and mechanisms of drug resistance in precisely defined patient populations. We have also restructured the corporation and completed a financing that will allow us to aggressively advance our pipeline, said Dr. Charles Baum, president and CEO of Mirati. In 2014, we will build on this foundation by reaching important milestones in our three development programs that will drive value by generating meaningful clinical data.
The following information was filed by Mirati Therapeutics, Inc. (MRTX) on Monday, March 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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