Safe Harbor Statement

To the extent that statements contained in this presentation 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, future revenues 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 presentation, Merrimack's forward-looking statements include, among others, statements about expectations regarding the outcome and effect of its ongoing strategic review of its product candidates and plans to report the results of that review, expectations for the elimination of future expenses, Merrimack's commercialization of ONIVYDE®, including physician acceptance and use of ONIVYDE, Merrimack's plans to expand the indications for ONIVYDE, Merrimack's expectations regarding the initiation and progress of future and ongoing clinical trials of ONIVYDE and other therapeutics, expectations regarding the timing of availability of clinical trial data, progress related to the search for a new chief executive officer, Merrimack's expectations regarding achievement of milestones, expectations regarding potential cash inflows and outflows and revenue and expenses and expectations regarding the sufficiency of Merrimack's financial resources to fund operations. 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, clinical and market acceptance of ONIVYDE, expectations for future regulatory approvals, development progress of Merrimack's diagnostics, availability of funding sufficient for Merrimack's foreseeable and unforeseeable operating expenses and capital expenditure requirements, and other matters that could affect the availability or commercial potential of ONIVYDE or Merrimack's other drug candidates or 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 Securities and Exchange Commission (SEC) on August 4, 2016 and other reports Merrimack files with the SEC.

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