On May 18, 2020 Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, reported that Joseph Leveque, M.D. has been named Chief Medical Officer effective May 18, 2020 (Press release, Mirati, MAY 18, 2020, View Source [SID1234558276]). Isan Chen, M.D., will step down as Chief Medical and Development Officer to lead an early-stage biotech company, however, Dr. Chen will continue to act as an advisor to Mirati.
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"Isan’s leadership over the last seven years has been central to the advancement of our programs," said Dr. Charles Baum, M.D., Ph.D., President and Chief Executive Officer at Mirati Therapeutics. "We appreciate his dedicated service which brought Mirati from a small oncology company to where we are today. We wish him well and know he will be successful in this new opportunity."
"Joe’s experience with world class clinical development teams that have brought several novel oncology therapies to patients will have an important impact as we prepare for Mirati’s next phase of growth," said Dr. Baum. "We are thrilled to have him join Mirati as we rapidly advance our registration-enabling clinical trials for both sitravatinib and MRTX849, as well as advance our preclinical pipeline including the KRAS G12D inhibitor program."
Dr. Leveque joins Mirati following his successful tenure as Chief Medical Officer at Synthorx, which was acquired by Sanofi in late 2019. Prior to Synthorx, he served as Chief Medical Officer at ARMO Biosciences, a late-stage immuno-oncology company that was acquired by Eli Lilly in May 2018. Prior to these roles, Dr. Leveque was Chief Medical Officer of EMD Serono, the North American subsidiary of Merck KGaA, and Vice President and Head of U.S. Medical Oncology at Bristol-Myers Squibb, where he led the development and commercialization of the first generation of immuno-oncology therapeutics. He has also held key medical leadership positions at Onyx Pharmaceuticals, Cephalon Oncology and Amgen.
Dr. Leveque earned a Medical Doctorate from The University of Texas School of Medicine in Houston, TX and completed his post-graduate medical training in internal medicine at the Cedars-Sinai Medical Center, a teaching affiliate of the University of California, Los Angeles (UCLA). In addition, Dr. Leveque holds a Master of Business Administration from the Wharton School of the University of Pennsylvania.
In connection with his employment, the Compensation Committee of Mirati’s Board of Directors granted Dr. Leveque an inducement award consisting of a non-qualified stock option to purchase shares of common stock with a grant date fair value equal to $3,500,000 and restricted stock units with a grant date fair value equal to $2,500,000 ("RSUs"). The stock option has an exercise price per share equal to the closing price of the Company’s common stock on the Nasdaq Global Select Market on May 18, 2020 and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months subject to Dr. Leveque’s continued service relationship with Mirati through the applicable vesting dates. The RSUs vest over four years, with 25% of the underlying shares vesting on each of the four anniversaries of the vesting commencement date, subject to Dr. Leveque’s continued service relationship with Mirati through the applicable vesting dates. The Compensation Committee of Mirati’s Board of Directors approved the awards as inducement material to Dr. Leveque’s employment in accordance with NASDAQ Listing Rule 5635(c)(4).