Mirati Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
Mirati Therapeutics, Inc. (NASDAQ: MRTX) announced an inducement stock option grant to newly appointed CEO David Meek, allowing him to purchase 150,300 shares at an exercise price of $167.10. The stock options will vest over four years, with the first 25% vesting after one year. This grant is compliant with NASDAQ Listing Rule 5635(c)(4) and aims to align Mr. Meek's interests with that of the shareholders. Mirati is focused on developing therapies for cancer, particularly targeting KRAS mutations and receptor tyrosine kinases.
- Inducement grant aligns CEO's interests with shareholders.
- Focus on developing novel therapies targeting high unmet needs in oncology.
- Potential risk in CEO's performance impacting stock value.
- Dependence on successful drug development amidst high competition.
SAN DIEGO, Sept. 24, 2021 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced that in connection with the hiring, announced on September 20, 2021, of David Meek as Chief Executive Officer, Mr. Meek received an inducement award to purchase up to 150,300 shares of common stock. The stock option has an exercise price per share of
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 need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Mirati is using its scientific expertise to develop novel solutions in two registration-enabling programs: adagrasib (MRTX849), an investigational small molecule, potent and selective KRASG12C inhibitor, as monotherapy and in combination with other agents, and sitravatinib, an investigational spectrum-selective inhibitor of receptor tyrosine kinases in combination with checkpoint inhibitor therapies. Mirati is also advancing its differentiated preclinical portfolio, including MRTX1133, an investigational KRASG12D inhibitor, MRTX1719, an investigational PRMT5 inhibitor, and other oncology discovery programs. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer.
For more information about Mirati Therapeutics Inc., visit us at Mirati.com or follow us on Twitter and LinkedIn.
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 (MRTX849), sitravatinib, MRTX1719 and MRTX1133, 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). These forward-looking statements are made as of the date of this press release, and 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: Temre Johnson | 858-332-3562 | ir@mirati.com
Media Relations: Priyanka Shah | 908-447-6134 | media@mirati.com
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SOURCE Mirati Therapeutics, Inc.
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