SAN DIEGO, Feb. 19, 2020 /PRNewswire/ -- Mirati Therapeutics, Inc. (Nasdaq: MRTX), a clinical stage targeted oncology company, today announced the grants of inducement non-qualified stock options to purchase an aggregate of 26,712 shares of common stock and an aggregate of 16,659 restricted stock units ("RSUs") to three new employees.
Each stock option has an exercise price per share equal to $88.77 per share, Mirati's closing trading price on the grant date, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting date and 1/48th of the underlying shares vesting monthly thereafter over 36 months subject to the new employee's continued service relationship with Mirati through the applicable vesting dates. The RSUs vest over four years, with 25% of the underlying shares vesting on each of the four anniversaries of the applicable vesting date, subject to the new employee's continued service relationship with Mirati through the applicable vesting dates.
The Compensation Committee of Mirati's Board of Directors approved the awards as an inducement material to the new employees' employment in accordance with NASDAQ Listing Rule 5635(c)(4).
About Mirati Therapeutics
Mirati Therapeutics (NASDAQ: MRTX) is a San Diego-based clinical-stage biotechnology company dedicated to advancing novel therapeutics that extend the lives of patients by directly addressing the genetic and immunological drivers of cancer. Mirati is developing sitravatinib, designed to selectively target a spectrum of tyrosine kinases implicated in both tumor growth and the suppression of immune responses to tumors. Sitravatinib has demonstrated durable responses in lung cancer patients whose cancer has progressed despite treatment with checkpoint inhibitors - an area of significant unmet medical need. Sitravatinib is being evaluated in multiple clinical trials to treat patients who are refractory to prior immune checkpoint inhibitor therapy, including a potentially registration-enabling Phase 3 trial of sitravatinib in combination with a checkpoint inhibitor in non-small cell lung cancer (NSCLC) that is currently enrolling patients.
Mirati is also developing novel inhibitors of KRAS mutations including MRTX849, a potent and selective inhibitor of KRAS G12C. This historically difficult to drug target is present in approximately 14% of NSCLC adenocarcinomas, 4% of colorectal cancer as well as smaller percentages of several other difficult-to-treat cancers. MRTX849 is being evaluated in a Phase 1/2 clinical trial as a treatment for patients with KRAS G12C-positive tumors. Our research on G12C has led to breakthroughs in targeting other KRAS mutations including G12D which drives tumor growth in more patients than G12C and includes pancreatic, colorectal and other types of cancer. For more information, visit www.mirati.com.