Shares of Mirati Therapeutics, Inc. MRTX are retreating sharply Monday following two executive departures.
What Happened: Mirati, a clinical-stage targeted oncology company, said its Chief Operating Officer Daniel Faga and Chief Medical Officer Joseph Leveque have stepped down from their respective roles. Faga was also serving as principal financial officer.
Faga ceased serving as the COO and principal financial officer effective Oct. 28, and Leveque's resignation is effective Monday, the company said.
The moves come a little after a month of the company replacing its longtime CEO Charles Baum with David Meek.
At the time of Meek's appointment, the company said he will join the company's board and also lead its R&D.
The company said Monday's actions are part of a restructuring of its executive leadership.
Mirati noted that Vickie Reed, its chief accounting officer, will assume the role of principal financial officer effective Nov. 1.
Why It's Important: Mirati's pipeline consists of two late-stage assets: the KRAS inhibitor adagrasib and multi-kinase inhibitor sotravatinib.
Adagrasib is a drug candidate competing against Amgen, Inc. AMGN's KRAS inhibitor Lumakras, which was approved in late May.
These management changes matter as the company approaches the finish line for commercializing Adagrasib, both as a monotherapy and as a combo treatment for multiple cancer indications.
MRTX Price Action: Mirati shares were down 14.58% at $161.46 midday Monday.
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