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Mirati Therapeutics Reports Second Quarter 2014 Financial Results and Provides Business Update
Date:8/8/2014

SAN DIEGO, Aug. 8, 2014 /PRNewswire/ -- Mirati Therapeutics, Inc. ("Mirati") (NASDAQ: MRTX) today reported financial results for the second quarter ended June 30, 2014 and provided an update on its drug development programs.

"In the past quarter we expanded the scope of our clinical programs, identified compelling patient selection strategies targeting driver mutations, and positioned the company to obtain initial data by the end of the year from multiple proof of concept studies," said Charles M. Baum, M.D., Ph.D., president and CEO of Mirati. "We have made significant strides in executing on our precision oncology strategy and are looking forward to achieving significant milestones within each of our programs."

Second Quarter 2014 Business UpdateMGCD265

  • Phase 1 safety and dose escalation study ongoing
  • Planning to initiate expansion cohorts with a goal of obtaining initial proof of concept data by the end of 2014 in patients who have genetic alterations in Met and Axl
  • MGCD516

  • Phase 1 safety and dose escalation study initiated
  • On track to identify a Phase 2 dose by the end of 2014
  • Mocetinostat

  • Secured orphan drug designation for mocetinostat in myelodysplastic syndromes; orphan applications for bladder cancer and diffuse large b-cell lymphoma (DLBCL) have been submitted
  • The mocetinostat Phase 2 dose confirmation trial is ongoing and the mocetinostat Phase 2 trials in bladder cancer and DLBCL will commence in Q3 with the goal of obtaining initial proof of concept data by the end of 2014
  • Second Quarter 2014 Financial Results Cash, cash equivalents, and short-term investments were $47.4 million at June 30, 2014, compared to $62.1 million at December 31, 2013.

    Research and development expenditures for the second quarter of 2014 were $7.2 million, compared to $4.5 million for the
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