PR Newswire
CAMBRIDGE, Mass., Nov. 7, 2018
CAMBRIDGE, Mass., Nov. 7, 2018 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK), a research and clinical development oncology company focused on biomarker-defined cancers, today announced its third quarter 2018 financial results for the period ended September 30, 2018 and provided a strategic update.
"Following a comprehensive review of our drug candidate pipeline, we have determined that a corporate restructuring provides the best path forward to reduce operational costs and maximize value. Naturally, this step was the result of an extremely difficult decision and we regret its impact on the affected members of our team, to whom we remain grateful for their contributions to Merrimack," said Richard Peters, M.D., Ph.D., President and Chief Executive Officer. "Going forward, we remain committed to the efficient development of targeted therapies for biomarker-defined cancers, as we are now focused on our clinical development program for MM-310, for which we anticipate providing another safety update in Q1 2019, and our emerging preclinical candidates, MM-401 and MM-201."
Strategic Update
The Company conducted an internal review of its pipeline, the results of which are outlined below:
Third Quarter 2018 Financial Results
In the third quarter and more recently, Merrimack received three ONIVYDE-related milestone payments:
The following summarizes Merrimack's financial results for the quarter ended September 30, 2018:
Financial Outlook
As a result of the corporate restructuring, Merrimack believes that its cash, cash equivalents and marketable securities of $84.8 million as of September 30, 2018, plus the $5.0 million ONIVYDE milestone received in October but excluding any potential additional milestone payments, together with other restructuring and cost cutting measures that Merrimack could implement in the future, provide Merrimack with the potential to fund its operations into at least the second half of 2022.
Merrimack remains eligible to receive additional milestone payments resulting from the Company's asset sale to Ipsen in 2017:
Conference Call and Webcast
Merrimack will host a live conference call and webcast today, Wednesday, November 7, 2018 at 8:30 am ET, to provide an update on the Company, including the results of its portfolio review, and a summary of these financial results.
Investors and the general public are invited to listen to the call by dialing (877) 564-1301 (domestic) or (224) 357-2394 (international) five minutes prior to the start of the call and providing the passcode 4685885. A listen-only webcast of the call can be accessed in the Investors section of Merrimack's website, investors.merrimack.com, and a replay of the call will be archived there for six weeks following the call.
About Merrimack
Merrimack is a biopharmaceutical company based in Cambridge, Massachusetts that is outthinking cancer to ensure that patients and their families live fulfilling lives. Its mission is to transform cancer care through the smart design and development of targeted solutions based on a deep understanding of cancer pathways and biological markers. All of Merrimack's development programs fit into its strategy of 1) understanding the biological problems it is trying to solve, 2) designing specific solutions and 3) developing those solutions for biomarker-selected patients. This three-pronged strategy seeks to ensure optimal patient outcomes. For more information, please visit Merrimack's website at www.merrimack.com.
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, 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 press release, Merrimack's forward-looking statements include, among others, statements about expectations regarding the elimination of future expenses, cash runway, the timing of availability of clinical trial data and the anticipated achievement, receipt and distribution of milestones. 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 availability of data from ongoing clinical trials, expectations for regulatory approvals, development progress of Merrimack's companion 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 Merrimack's product 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 SEC on August 7, 2018 and the other reports Merrimack files with the SEC.
Merrimack Pharmaceuticals, Inc. | | | | | | | | |
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | | | ||||||
(unaudited) | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | ||||
(in thousands, except per share amounts) | | 2018 | | 2017 | | 2018 | | 2017 |
Operating expenses: | | | | | | | | |
Research and development expenses | | $ 12,959 | | $ 13,598 | | $ 39,743 | | $ 54,954 |
General and administrative expenses | | 3,777 | | 3,366 | | 11,560 | | 23,798 |
Total operating expenses | | 16,736 | | 16,964 | | 51,303 | | 78,752 |
Loss from continuing operations | | (16,736) | | (16,964) | | (51,303) | | (78,752) |
Other income and expenses: | | | | | | | | |
Interest income | | 306 | | 250 | | 863 | | 646 |
Interest expense | | (472) | | (1,659) | | (472) | | (30,400) |
Gain on deconsolidation of Silver Creek Pharmaceuticals, Inc. | | — | | 10,848 | | — | | 10,848 |
Gain on sale of asset | | — | | — | | — | | 1,703 |
Other income (expense), net | | (237) | | 69 | | (1,778) | | (592) |
Total other income and expenses | | (403) | | 9,508 | | (1,387) | | (17,795) |
Net loss from continuing operations before income tax benefit | | (17,139) | | (7,456) | | (52,690) | | (96,547) |
Income tax benefit | | 4,798 | | 2,133 | | 4,798 | | 32,372 |
Net loss from continuing operations | | (12,341) | | (5,323) | | (47,892) | | (64,175) |
Discontinued operations: | | | | | | | | |
Income from discontinued operations, net of tax Werbung Mehr Nachrichten zur Merrimack Pharmaceuticals Inc Aktie kostenlos abonnieren
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