Shares of Mirati Therapeutics Inc. (MRTX) soared 103.2% to $9.65 in premarket trading on Friday, Sept. 15, on positive preliminary data for two clinical studies of sitravatinib in non-small cell lung cancer. The data presentation will take place the International Association for the Study of Lung Cancer's Multidisciplinary Symposium in Thoracic Oncology on Friday in Chicago.
Meanwhile, shares of Tonix Pharmaceuticals Holding Corp. (TNXP) rose 9.6% to $4.45 after the New York firm received a European patent protecting the use of Tonmya's active ingredient cyclobenzaprine for the treatment of post-traumatic stress disorder. The patent will expire in November 2030.
Tonmya is Phase 3 development. The U.S. Food and Drug Administration in December gave breakthrough therapy designation to Tonmya (TNX-102 SL) for the treatment of PTSD.
In other news, Array BioPharma Inc. (ARRY) said Thursday it had priced an underwritten public offering of 20.93 million shares at $10.75 apiece, which would generate gross proceeds of about $225 million before underwriting discounts and commissions and offering expenses. In addition, Boulder, Colo.-based Array has given underwriters a 30-day option to buy up to 3.14 million shares.
Array said it plans to use the net proceeds from the offering for research and development and for general corporate purposes. The company said it may also use part of the proceeds to acquire or invest in businesses, technologies or drugs, though Array at the moment does not have commitments or agreements to do so.
Shares of Array rose 3.5% to $11.18.
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