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Mirati Therapeutics announced the pricing of a public offering of 4,335,397 shares at $202.00 per share, aiming to raise approximately $800 million. The offering includes 3,960,397 shares from Mirati and 375,000 from a selling stockholder. Closing is expected by October 30, 2020. Proceeds will fund the development of adagrasib and sitravatinib, as well as MRTX1133, a KRAS G12D inhibitor, alongside other corporate purposes. Underwriters have a 30-day option to purchase additional shares. Mirati will not benefit from the selling stockholder's offerings.
Mirati Therapeutics (Nasdaq: MRTX) announced a proposed underwritten public offering of $700 million in common stock, alongside 375,000 shares from a selling stockholder. The underwriters will have a 30-day option to purchase an additional 15% of the total shares offered. Mirati will not receive proceeds from the selling stockholder's shares. The offering is reliant on market conditions, and specifics may change. Major banks involved include Goldman Sachs and SVB Leerink. The company continues its focus on cancer therapies, with investigational drugs in advanced stages for non-small cell lung cancer.
On October 25, 2020, Mirati Therapeutics (NASDAQ: MRTX) shared preliminary findings from its KRAS G12C inhibitor, adagrasib (MRTX849), demonstrating a 45% objective response rate in advanced non-small cell lung cancer (NSCLC) patients. The tolerability of adagrasib has been strong, with only 4.5% discontinuing due to treatment-related adverse events. Completion of enrollment for a Phase 2 cohort is noted, with plans to submit a New Drug Application for expedited approval in late 2021. Additionally, preliminary preclinical data for MRTX1133, targeting KRAS G12D, indicates promising tumor activity.
Mirati Therapeutics (NASDAQ: MRTX) announced updated clinical data from adagrasib (MRTX849), a KRAS G12C selective inhibitor, to be presented at the EORTC-NCI-AACR Virtual Conference on October 25, 2020. Two presentations will focus on its activity and safety in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC). Following the presentations, an investor event will provide insights on MRTX1133, a KRAS G12D selective inhibitor. Adagrasib targets mutations linked to poor cancer prognosis, with evaluations ongoing in various advanced solid tumor settings.
Mirati Therapeutics (NASDAQ: MRTX) released updated results from a Phase 2 study of sitravatinib combined with nivolumab for treating advanced urothelial carcinoma. As of July 30, 2020, in a cohort of 30 patients previously treated with platinum chemotherapy but naive to checkpoint inhibitors, the objective response rate was 37%, including 1 complete response and 10 partial responses. Additionally, 73% of patients experienced clinical benefit. The combination therapy also showed prolonged progression-free survival and demonstrated safety similar to previous reports.
Boehringer Ingelheim and Mirati Therapeutics (NASDAQ: MRTX) have initiated a clinical collaboration to investigate the efficacy of combining BI 1701963, a SOS1::pan-KRAS inhibitor, with MRTX849, a KRAS G12C selective inhibitor for treating solid tumors with KRAS G12C mutations. This partnership aims to enhance treatment responses in lung and colorectal cancer patients who have limited options. The collaboration involves shared clinical development costs, with both companies contributing to the trial oversight.
Mirati Therapeutics (NASDAQ: MRTX) will participate in the Citi 15th Annual Biopharma Virtual Conference on September 10, 2020, at 11:40 a.m. ET. Dan Faga, Executive Vice President and COO, will represent the company. The event will be accessible via a webcast on Mirati's website, with a replay available for 90 days post-event. Mirati focuses on developing innovative cancer therapies like sitravatinib for lung cancer and MRTX849 for KRAS G12C mutations, addressing critical unmet medical needs in oncology.
Strata Oncology has partnered with Mirati Therapeutics (NASDAQ:MRTX) to enhance patient identification and enrollment for the Phase 1/2 study of MRTX849, a selective inhibitor targeting KRAS G12C mutations in advanced solid tumors. The partnership leverages Strata's ongoing Strata Trial, which employs advanced molecular profiling to match patients with eligibility criteria for the trial. This collaboration aims to facilitate faster drug approvals and improve patient outcomes.
Mirati Therapeutics, Inc. (NASDAQ: MRTX) reported its Q2 2020 financial results and corporate updates, highlighting its ongoing efforts in oncology. The company focuses on MRTX849, a KRAS G12C inhibitor, with enrollment for its Phase 1/2 trial expected to complete this quarter. Notably, MRTX1133 was selected for IND-enabling studies. Financially, Mirati ended Q2 with $645.7 million in cash, but reported a net loss of $82.9 million, or $1.89 per share, up from $45.7 million loss year-over-year. Research and development expenses increased significantly to $65.1 million.