Mirati Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Mirati Therapeutics, Inc. (NASDAQ: MRTX) announced the grant of equity awards to 22 new employees on October 3, 2022, as part of its Inducement Plan. These awards, crucial for employee acceptance, include options to purchase 70,610 shares at $68.36 each, and 44,119 restricted stock units (RSUs). The options will vest over four years, while the RSUs will vest gradually over four years as well. This move aligns with Nasdaq Listing Rule 5635(c)(4) and emphasizes Mirati's commitment to attracting talent as it advances its oncology-focused drug development pipeline.

Positive

• Granting equity awards indicates a commitment to employee satisfaction and retention.
• Options priced at $68.36 reflect potential growth opportunities aligning with market performance.

Negative

• The need for inducement grants may indicate challenges in attracting talent without significant incentives.

SAN DIEGO, Oct. 5, 2022 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced that the company granted equity awards to 22 new employees with a grant date of October 3, 2022, as equity inducement awards outside of the company's 2022 Equity Incentive Plan (but under the terms of the company's Inducement Plan) and material to the employees' acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 70,610 shares of Mirati's common stock, and in the aggregate 44,119 restricted stock units ("RSUs"). The options have an exercise price of $68.36 per share, which is equal to the closing price of Mirati's common stock on October 3, 2022, (the "Grant Date"). One-fourth of the shares underlying the employee options will vest on the one-year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees' continued employment with Mirati on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date.

About Mirati Therapeutics, Inc.  

Mirati Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet medical need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer. For more information about Mirati, visit us at Mirati.com or follow us on Twitter, LinkedIn and Facebook.

Forward Looking Statements

This press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. ("Mirati"). Any statement describing Mirati's goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati's drug development pipeline, including without limitation adagrasib (selective KRAS^G12C inhibitor), sitravatinib (TAM receptor inhibitor), MRTX1719 (MTA cooperative PRMT5 inhibitor), MRTX0902 (SOS1 inhibitor), and MRTX1133 (selective KRAS^G12D inhibitor), is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.

Mirati's forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati's programs are described in additional detail in Mirati's quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the "SEC") available at the SEC's Internet site (www.sec.gov). Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

Mirati Contacts

Investor Relations: ir@mirati.com

Media Relations: media@mirati.com

 

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SOURCE Mirati Therapeutics, Inc.

FAQ

What equity awards did Mirati Therapeutics grant on October 3, 2022?

Mirati Therapeutics granted equity awards of options to purchase 70,610 shares and 44,119 restricted stock units (RSUs) to 22 new employees.

What was the exercise price for the options granted by Mirati Therapeutics?

The exercise price for the options is $68.36 per share.

How will the options and RSUs vest for the new employees at Mirati?

The options will vest over four years, with 25% on the first anniversary and monthly thereafter, while RSUs will vest 25% annually over four years.

Which Nasdaq listing rule did Mirati comply with for the equity awards?

Mirati complied with Nasdaq Listing Rule 5635(c)(4) for the equity inducement awards.

What is the significance of the equity awards for Mirati's workforce?

The equity awards are essential for employee acceptance, showing Mirati's commitment to attracting and retaining talent.