SAN DIEGO, Jan. 11, 2017 /PRNewswire/ --Mirati Therapeutics, Inc. (NASDAQ: MRTX) today announced the closing of its previously announced underwritten public offering of 5,002,702 shares of its common stock at a public offering price of $5.60 per share. This includes the exercise in full by the underwriter of its option to purchase up to 652,526 additional shares of common stock. In addition, and in lieu of common stock, Mirati sold to funds affiliated with Boxer Capital, LLC pre-funded warrants to purchase up to an aggregate of 7,258,263 shares of common stock at a purchase price of $5.599 per warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. The aggregate gross proceeds to Mirati from this offering were approximately $68.7 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati.
Leerink Partners acted as sole book-running manager for the offering.
The securities described above were offered by Mirati pursuant to a shelf registration statement filed by Mirati with the Securities and Exchange Commission ("SEC") that was declared effective on November 18, 2015. A final prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6142, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Mirati Therapeutics
Mirati Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing a pipeline of targeted oncology products intended to treat specific genetic and epigenetic drivers of cancer in selected subsets of cancer patients with unmet needs. Our clinical pipeline consists of three product candidates: glesatinib, sitravatinib and mocetinostat. Both glesatinib and sitravatinib are orally bioavailable, spectrum-selective kinase inhibitors with distinct target profiles that are in development for the treatment of patients with NSCLC and other solid tumors. Glesatinib targets the MET receptor tyrosine kinase family and is in Phase 2 clinical development. Sitravatinib is in Phase 1b clinical development and targets genetic alterations in RET rearrangements, CHR4q12 amplifications, CBL and AXL mutations. Our third product candidate is mocetinostat, an orally bioavailable, Class 1 selective histone deacetylase inhibitor. Mocetinostat is in Phase 1b/2 clinical development in combination with durvalumab, MedImmune's anti-PD-L1 immune checkpoint inhibitor, for the treatment of patients with NSCLC.