SAN DIEGO, Nov. 16, 2017 /PRNewswire/ -- Mirati
Therapeutics, Inc. (NASDAQ: MRTX) today announced the pricing of an
underwritten public offering of 2,015,901 shares of its common
stock at a price to the public of $13.00 per share. In addition, and in lieu of
common stock, Mirati is offering to certain investors pre-funded
warrants to purchase up to an aggregate of 4,137,999 shares of
common stock at a purchase price of $12.999 per warrant, which represents the per
share public offering price for the common stock less the
$0.001 per share exercise price for
each such pre-funded warrant. The gross proceeds from this
offering are expected to be approximately $80.0 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by Mirati. The offering is expected to close on or about
November 20, 2017, subject to
customary closing conditions. Mirati has granted the underwriters a
30-day option to purchase up to an additional 923,085 shares of
common stock in connection with the public offering. All of the
securities are being offered by Mirati.
Mirati expects to use the net proceeds from this offering for
general corporate purposes, including for clinical development of
sitravatinib and mocetinostat, for the preclinical and clinical
development of its KRAS inhibitor, for the development of other
preclinical programs, and working capital.
Cowen and Barclays are acting as joint book-running managers in
the offering. SunTrust Robinson Humphrey, Oppenheimer & Co. and
H.C. Wainwright & Co. are
acting as co-lead managers in the offering.
The securities described above are being offered by Mirati
pursuant to a shelf registration statement filed by Mirati with the
Securities and Exchange Commission ("SEC") that was declared
effective on November 18, 2015. A
preliminary prospectus supplement and accompanying prospectus
relating to the offering were filed with the SEC and is available
on the SEC's website located at http://www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering, when available, may be obtained from the
offices of Cowen and Company, LLC, c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus
Department, or by calling (631) 274-2806; or from Barclays Capital
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, or by
telephone at (888) 603-5847, or by email at
Barclaysprospectus@broadridge.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Mirati Therapeutics
Mirati Therapeutics is a clinical-stage biotechnology company
focused on developing a pipeline of targeted oncology products
intended to treat specific genetic and epigenetic drivers of
cancer. This approach is transforming the treatment of patients by
targeting the genetic changes in tumor cells that result in
uncontrolled tumor growth and migration. Mirati's precision
oncology programs seek to treat the patients most likely to benefit
from targeted oncology treatments and are driven by drugs that
target very specific genetic mutations, directed by genomic tests
that identify patients who carry those driver mutations. Mirati's
immuno-oncology programs are novel small molecule drugs designed to
enhance and expand the efficacy of checkpoint inhibitors when given
in combination. In addition to its clinical programs, Mirati has
active discovery research efforts focused on novel oncology
targets. The promise of these approaches includes potentially
better patient outcomes, more efficient cancer treatment and faster
drug development.
Forward-Looking Statements
Certain statements contained in this news release, other than
statements of fact that are independently verifiable at the date
hereof, may constitute forward-looking information and
forward-looking statements (collectively "forward-looking
statements" within the meaning of applicable securities laws). Such
statements, based as they are on the current expectations of
management of Mirati and upon what management believes to be
reasonable assumptions based on information currently available to
it, inherently involve numerous risks and uncertainties, known and
unknown, many of which are beyond Mirati's control. Such statements
can usually be identified by the use of words such as "may,"
"would," "believe," "intend," "plan," "anticipate," or "estimate"
and other similar terminology, or state that certain actions,
events or results "may" or "would" be taken, occur or be achieved.
Forward-looking statements in this release include, but are not
limited to, statements related to the expected completion, timing
and size of the public offering of common stock and Mirati's
expected used of the proceeds from the offering.
Whether actual results and developments will conform with our
expectations and predictions is subject to a number of risks,
assumptions and uncertainties, many of which are beyond our
control, and the effects of which can be difficult to predict.
These risks include those associated with market risks and
uncertainties and the satisfaction of customary closing conditions
for an offering of securities, as well as those inherent in drug
development, whether Mirati will be able to obtain financing when
needed or on favorable terms, and other risks described in Mirati's
filings with the SEC. In evaluating any forward-looking statements
in this release, Mirati cautions readers not to place undue
reliance on any forward-looking statements. Unless otherwise
required by applicable securities laws, Mirati does not intend, nor
does it undertake any obligation, to update or revise any
forward-looking statements contained in this news release to
reflect subsequent information, events, results or circumstances or
otherwise.
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SOURCE Mirati Therapeutics, Inc.