Merrimack Pharmaceuticals Reports Second Quarter 2012 Financial Results
Completion of
Five Therapeutic Candidates in the Clinic, Each Planned to be Developed With a Companion Diagnostic From Proprietary Network Biology Platform
Over 15 Clinical Trials Ongoing Including One Phase 3 Trial in Pancreatic Cancer and Four Phase 2 Trials Across Multiple Cancer Indications
"We are pleased with Merrimack's accomplishments in our first four months as a public company and we are happy with the opportunities that it has opened up for us," said
Key Recent Accomplishments
In the past few months, Merrimack had a number of significant developments including:
-
Electing two new members to its board of directors —
John Mendelsohn , MD, cancer pioneer, president emeritus of MD Anderson and co-founder of cetuximab, andJames Quigley , CEO emeritus ofDeloitte Touche Tohmatsu, Limited ; -
Expanding
NAPOLI -1, the Phase 3 trial of MM-398 in second line pancreatic cancer to include a combination arm of MM-398, 5-fluorouracil (5-FU) and leucovorin, adding the potential for MM-398 to receive a broader marketing label; -
Entering into a partnership with the
Cancer Treatment Centers of America ® to advance its translational research efforts and individual patient treatment; and -
Presenting on the Phase 1 study of MM-121 in combination with erlotinib at the annual meeting of the
American Society of Clinical Oncology .
Upcoming Events and Milestones
Merrimack expects to present at the following investor and scientific conferences:
-
Jefferies 2012 Healthcare Summit,
August 13, 2012 inBoston ; -
Morgan Stanley Global Healthcare Conference ,September 10-12, 2012 inNew York ; -
UBS Global Life Sciences Conference ,September 19-20, 2012 inNew York ; and -
European Society for Medical Oncology (ESMO),September 28 —October 2, 2012 inVienna, Austria .
Merrimack anticipates the following milestones in the next 12 months:
- Presentation on a Phase 1 study of MM-111 in combination with multiple agents and a Phase 1 study of MM-121 in combination with paclitaxel at ESMO 2012;
- Presentation on a Phase 1 monotherapy study of MM-302;
- Phase 1 initiation for MM-141, Merrimack's IGF signaling inhibitor;
- Phase 1 initiation for MM-DX-929, an imaging diagnostic for Merrimack's nanotherapeutics;
- Completion of enrollment in multiple Phase 2 trials; and
- Top line data announcement of multiple MM-121 Phase 2 studies.
Second Quarter 2012 Financial Results and 2012 Financial Outlook
Merrimack reported a net loss of
Collaboration revenues for the second quarter of 2012 were
Research and development expenses for the second quarter of 2012 were
General and administrative expenses for the second quarter of 2012 were
In
Merrimack expects its existing cash and cash equivalents and investments on hand as of
About Merrimack
Merrimack is a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of serious diseases, with an initial focus on cancer. Merrimack applies Network Biology, its proprietary systems biology-based approach to biomedical research, throughout the research and development process. Merrimack currently has five targeted therapeutic oncology candidates in clinical development.
Cautionary Note on Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include any statements about Merrimack's strategy, future operations, future financial position and future expectations and plans and prospects for Merrimack, and any other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions. In this press release, Merrimack's forward-looking statements include statements about Merrimack's growth on both the business and scientific fronts, Merrimack's
ability to advance its translational research efforts and individual patient treatment, Merrimack's presentations at upcoming investor and oncology conferences, Merrimack's anticipated milestones over the next 12 months and estimates regarding the sufficiency of Merrimack's cash balance to fund operating expenses and capital expenditures. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, development progress of Merrimack's companion diagnostics, and other
matters that could affect the availability or commercial potential of Merrimack's drug candidates or companion diagnostics. Merrimack undertakes no obligation to update or revise any forward-looking statements. Forward-looking statements should not be relied upon as representing Merrimack's views as of any date subsequent to the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Merrimack's business in general, see the "Risk Factors" section of Merrimack's Quarterly Report on Form 10-Q filed with the
MERRIMACK PHARMACEUTICALS, INC. | ||
CONDENSED CONSOLIDATED FINANCIAL RESULTS | ||
(in thousands, except per share amounts) | ||
Three Months Ended |
||
2011 | 2012(1) | |
Collaboration revenues | $ 6,595 | $ 12,063 |
Operating expenses: | ||
Research and development | 31,187 | 28,758 |
General and administrative | 4,832 | 3,610 |
Total operating expenses | 36,019 | 32,368 |
Loss from Operations | (29,424) | (20,305) |
Other income and expenses | 228 | 166 |
Net loss | (29,196) | (20,139) |
Less net loss attributable to non-controlling interest | (145) | (113) |
Net loss attributable to |
$(29,051) | $(20,026) |
Net loss per share attributable to common shareholders — basic and diluted | $ (2.76) | $ (0.22) |
Weighted-average common shares used in computing net loss per share available to common stockholders — basic and diluted | 11,282 | 90,581 |
CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||
(in thousands) | ||
|
|
|
Cash and cash equivalents | $ 50,454 | $ 32,043 |
Available-for-sale securities | -- | 74,669 |
Total assets | 85,299 | 138,706 |
Convertible preferred stock | 268,225 | -- |
Common stock | 118 | 935 |
Total stockholders' (deficit) equity | (290,490) | 32,742 |
(1) In |
CONTACT: Investor & Media Contact:Source:Kathleen Petrozzelli Gallagher Corporate Communications, Merrimack 617-441-1043, kgallagher@merrimackpharma.com Media Contact:Betsy Stevenson RaymondStevenson Healthcare Communications 860-984-1424, betsy@raymondstevenson.com
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