MethylGene

About MethylGene

MethylGene Inc. was a biopharmaceutical firm focused on the discovery and clinical development of novel therapeutics for cancer and certain infectious diseases. The company's business model revolved around internal chemistry and drug development efforts to create proprietary enzyme inhibitors. These programs targeted key drivers of tumor growth and fungal infections. Revenue generation was structured through partnerships and licensing agreements with larger pharmaceutical companies for further development and commercialization in specific territories.

Founded in 1997, the company was created with the initial mission of advancing its first drug candidate, MG98, into human clinical trials within two years, a goal it successfully met. Donald F. Corcoran, who had been instrumental in the company's formation during his tenure at Hybridon, Inc., served as the President and CEO from its inception. A significant milestone occurred in June 2004, when MethylGene became a publicly-traded company on the Toronto Stock Exchange (TSX) under the symbol "MYG". Over the years, the company advanced several candidates into clinical trials, including MGCD0103 (Mocetinostat) for various cancers and MGCD290 for fungal infections.

In a strategic move to enhance its marketability, access a broader investor base, and mitigate tax issues for its U.S. shareholders, MethylGene underwent a significant corporate restructuring in 2013. On June 28, 2013, the company completed a plan of arrangement to migrate its jurisdiction from Canada to Delaware, USA. This resulted in the creation of a U.S. holding company, Mirati Therapeutics, which became the ultimate parent corporation. MethylGene shareholders received one share of Mirati Therapeutics for every 50 MethylGene shares held. Following this transition, Mirati Therapeutics began trading on the NASDAQ, and the corporate headquarters were moved to San Diego, California. Mirati continued to advance the targeted oncology pipeline, eventually being acquired by Bristol Myers Squibb in a deal completed in January 2024.