Exhibit 99.1

 

 

Mirati Therapeutics Reports Fourth Quarter and Full Year 2014 Financial Results

and Provides Business Update

 

Company anticipates proof of concept data in 2015

and is well capitalized following recent financing that generated $48.2 million

 

SAN DIEGO — March 11, 2015 — Mirati Therapeutics, Inc. (“Mirati”) (NASDAQ: MRTX) today reported financial results for the fourth quarter and twelve months ended December 31, 2014 and provided an update on its drug development programs.

 

“Mirati was built on the premise that the best way to improve outcomes for patients with cancer is to treat the specific genetic and epigenetic drivers of their cancer,” said Charles M. Baum, M.D., Ph.D., president and CEO, Mirati. “In 2014, we made significant progress across our clinical programs in non-small cell lung cancer, bladder cancer and diffuse large B-cell lymphoma, and are now well positioned for a truly transformational year in 2015. By mid-year, we anticipate having initial data from the MGCD265 and mocetinostat trials, giving us the potential to initiate registration trials by the end of the year.”

 

2014 and Recent Pipeline Highlights

 

Operations

·                  Successfully completed public offering of 2.6 million shares of common stock at $20.00 per share in February 2015, generating net proceeds of approximately $48.2 million

·                  Strengthened and diversified the board of directors with the addition of William R. Ringo and Michael Grey

 

MGCD265: Molecularly targeted kinase inhibitor

·                  Identified the recommended Phase 2 dose that, based on pharmacokinetic and pharmacodynamic (PK/PD) results, fully inhibits MET and Axl (which are drivers of tumor growth)

·                  Dosed the first patients selected for MET and Axl genetic alterations. This included patients with non-small cell lung cancer (NSCLC) and patients with solid tumors other than NSCLC

·                  Anticipate initial proof of concept data in mid-2015

 

Mocetinostat: Molecularly targeted epigenetic inhibitor

·                  Established a novel patient selection strategy based on the identification and selection of patients with inactivating mutations in the histone acetyl transferase genes, CREBBP and EP300

·                  Dosed the first patients who harbor these mutations in two Phase 2 trials: One trial in patients with bladder cancer and the other trial in patients with relapsed and refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma (FL)

·                  Anticipate initial proof of concept data in mid-2015

 

MGCD516: Molecularly targeted kinase inhibitor

·                  Initiated a Phase 1 dose escalation study designed to identify an optimal dose capable of inhibiting tumor growth in patients with genetic alterations of Trk, RET or DDR

·                  We plan to establish a Phase 2 dose in the first half of 2015 and initiate expansion cohorts in selected patients in the second half of 2015

 

1


The following information was filed by Mirati Therapeutics, Inc. (MRTX) on Wednesday, March 11, 2015 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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