What is going on with MRTX?
Mirati Therapeutics (MRTX) stock is higher today after the company announced that the U.S. FDA has granted Breakthrough Therapy Designation to adagrasib, the company's lead clinical drug, for the potential treatment of patients with non-small cell lung cancer (NSCLC) who harbor the KRASG12C mutation following prior systemic therapy. Shares of MRTX increased 1.56% to $165 in premarket trading Friday.
In 2020, 2.21 million new cases lung cancer were reported, 85% of these cases consisted of non-small cell lung cancer.
What does this mean for Mirati Therapeutics?
Breakthrough Therapy Designation is an FDA program designed to expedite the development and review of drugs that have demonstrated substantial improvements in patient outcomes over current available treatments for a serious disease. The FDA granted the designation after the company's preliminary results from its 1/2 KRYSTAL-01 trial showed marked improvements in late-stage NSCLC.
Charles M. Baum, CEO of Mirati Therapeutics, said in a press release, "We are pleased to receive this breakthrough therapy designation for adagrasib, which emphasizes the significant need for new treatment options for patients with lung cancer who harbor the KRASG12C mutation. We look forward to submitting a New Drug Application for adagrasib in the second half of this year and further advancing adagrasib across a broad development plan with the goal of improving clinical outcomes in patients with KRASG12C mutated cancers."
Adagrasib will be used specifically for patients whose cancer had progressed following prior treatment with immunotherapy and/or chemotherapy.
MRTX has an Overall Score of 36. Find out what this means to you and get the rest of the rankings on MRTX!
Mirati Therapeutics is an American biotechnology company. The company's medical focus is precision medicine: genetically targeted oncology therapeutics for selected patients. Mirati's drug candidates target specific genetic and epigenetic drivers of cancer.
