Mirati Therapeutics Prices Offering Of 2.25 Mln Shares At $45.00/shr

(RTTNews) - Mirati Therapeutics Inc. (MRTX) announced the pricing of an underwritten public offering of 2.25 million shares of its common stock at a price to the public of $45.00 per share.

The gross proceeds from this offering are expected to be approximately $101.3 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati.

The offering is expected to close on or about September 21, 2015, subject to customary closing conditions. Mirati has granted the underwriters a 30-day option to purchase up to an additional 337,500 shares of common stock in connection with the public offering. All of the shares are being offered by Mirati.

Mirati expects to use the net proceeds from this offering for general corporate purposes, which may include clinical trials and other research and development expenses for its ongoing oncology clinical development programs, including expenses related to clinical trial activities for the potential registration of MGCD265, clinical trial activities to progress MGCD516, clinical trial activities to progress the combination of mocetinostat and durvalumab, as well as potential collaborations or business development activities, capital expenditures, working capital and general and administrative expenses.

Citigroup, Barclays and Leerink Partners are acting as joint book-running managers in the offering.