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On December 13, 2022, Mirati Therapeutics (NASDAQ: MRTX) announced the granting of equity awards to 11 new employees as inducement awards outside its 2022 Equity Incentive Plan. This included options to purchase 26,495 shares and 16,380 restricted stock units (RSUs). The options have an exercise price of $91.50 per share, matching the stock's closing price on the grant date. The vesting schedule outlined that options would fully vest in four years, subject to employment conditions. Mirati is focused on developing targeted therapies for cancer.
QIAGEN has received FDA approval for its therascreen KRAS RGQ PCR kit as a companion diagnostic for KRAZATI (adagrasib), targeting non-small cell lung cancer (NSCLC) patients with KRAS G12C mutations. This marks the 4th approval of the kit, expanding treatment options for an underserved population with high unmet needs. The kit is designed for fast, cost-effective testing, allowing for timely and informed treatment decisions. QIAGEN's advancements reflect strong collaboration with Mirati Therapeutics and underscore their leadership in RAS companion diagnostics.
Mirati Therapeutics, Inc. (NASDAQ: MRTX) announced the accelerated approval of KRAZATI™ (adagrasib) by the FDA, targeting adult patients with KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC) after prior systemic therapy. Approval is based on positive results from the Phase 2 KRYSTAL-1 trial, which reported an objective response rate (ORR) of 43% and a median duration of response (DOR) of 8.5 months in treated patients. Continued approval may depend on confirmatory trials. The therapy demonstrates a promising safety profile with manageable adverse reactions.
Mirati Therapeutics (MRTX) announced promising preliminary results from the KRYSTAL-7 Phase 2 trial and KRYSTAL-1 Phase 1b cohort, evaluating adagrasib combined with pembrolizumab for first-line treatment of advanced NSCLC with a KRASG12C mutation. The trials demonstrated favorable tolerability, with treatment-related adverse events primarily Grade 1-2. Notably, the objective response rate reached 49%, with some cohorts showing even higher rates. The findings will be presented at the ESMO Congress on December 7, 2022, highlighting the potential of this combination as a chemotherapy-free option.
Mirati Therapeutics (MRTX) announced that its SAPPHIRE Phase 3 study of sitravatinib combined with nivolumab (OPDIVO) for treating non-squamous non-small cell lung cancer (NSQ-NSCLC) has progressed based on an interim analysis showing positive overall survival results. The study, focusing on patients resistant to prior chemotherapy and immunotherapy, will proceed to final analysis, expected in mid-2023. The company aims to leverage this data to enhance treatment options for lung cancer patients while continuing its commitment to oncology research.
Mirati Therapeutics, Inc. (MRTX) announced a late-breaking presentation at the ESMO IO Annual Congress on December 7, 2022, detailing results of the combination treatment using adagrasib and pembrolizumab for advanced non-small cell lung cancer with a KRASG12C mutation. The oral presentation is scheduled from 2:15 p.m. to 2:25 p.m. CET. Following the session, a Virtual Investor Event will occur at 5:00 p.m. CET, accessible via webcast. For more details, visit Mirati.com.
Mirati Therapeutics (MRTX) reported Q3 2022 financial results, highlighting a revenue of $5.4 million, significantly down from $71.8 million in Q3 2021. The company anticipates a PDUFA date for adagrasib on December 14, 2022, alongside key data releases from ongoing clinical trials. R&D expenses increased to $131.1 million due to higher headcount costs, contributing to a net loss of $173.6 million for the quarter. Mirati also announced leadership changes, with Dr. Chuck Baum retiring and Dr. Alan Sandler joining as CMO. Cash reserves stand at approximately $1.2 billion.
Mirati Therapeutics (MRTX) has appointed Dr. Alan Sandler as the new executive vice president and chief medical officer, succeeding Dr. Charles M. Baum, who will retire in Q2 2023. Dr. Sandler brings over 30 years of oncology and drug development experience, having previously led global oncology development at Zai Lab and holding senior positions at Genentech. His expertise is expected to support Mirati's advancement in targeted oncology, particularly with the anticipated U.S. launch of adagrasib. Baum will remain involved as a strategic advisor and board member.
Incyte and Mirati Therapeutics have announced a collaboration to explore the efficacy of INCB99280, an oral PD-L1 inhibitor, in combination with adagrasib, a KRASG12C inhibitor, targeting patients with KRASG12C-mutated solid tumors. Incyte will sponsor a Phase 1/1b clinical trial assessing this combination, leveraging INCB99280's potential for improved management of immune-related adverse effects. This collaboration aligns with Mirati's strategy to investigate adagrasib across various combinations, aiming to enhance treatment options for hard-to-treat cancers.
Mirati Therapeutics (NASDAQ: MRTX) announced the grant of equity awards to 13 new employees as inducement for their employment. The awards include options for 32,020 shares and 19,920 restricted stock units (RSUs), with an exercise price of $67.49, reflecting the stock's closing price on the grant date of November 1, 2022. The vesting schedule spans four years for options and RSUs, contingent on continued employment. This decision aligns with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to support its mission in oncology.