BioCentury
ARTICLE | Company News

MethylGene cancer, infectious news

May 20, 2013 7:00 AM UTC

MethylGene's board approved a proposal to reincorporate the company in the U.S., change its name to Mirati Therapeutics Inc. and list its shares on NASDAQ. The company said it plans to reincorporate in Delaware and locate its headquarters in the San Diego area. The proposal, which includes a 1-for-50 reverse split, is subject to shareholder approval at MethylGene's annual and special meeting on June 25; the proposal is expected to be completed in early July. MethylGene said its shares will be dual-listed for a period of time.

The company said the proposal is expected to improve its ability to attract funding and raise its profile in the U.S., reduce potentially adverse "passive foreign investment company" tax issues for U.S. shareholders and provide greater opportunity to attract and retain key personnel. ...