Completion of $105 Million IPO
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 IndicationsCAMBRIDGE, Mass., Aug. 10, 2012 (GLOBE NEWSWIRE) -- Merrimack Pharmaceuticals, Inc. (Nasdaq:MACK), a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of cancer, today announced its second quarter 2012 financial results. "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 Robert Mulroy, President and CEO of Merrimack. "With the novel candidates and diagnostics we have in development and the number of projects we expect to enter the clinic over the next few years, this is a very exciting period of growth for Merrimack on both the business and scientific fronts." 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, and James Quigley, CEO emeritus of Deloitte 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.
- Jefferies 2012 Healthcare Summit, August 13, 2012 in Boston;
- Morgan Stanley Global Healthcare Conference, September 10-12, 2012 in New York;
- UBS Global Life Sciences Conference, September 19-20, 2012 in New York; and
- European Society for Medical Oncology (ESMO), September 28 – October 2, 2012 in Vienna, Austria.
- 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.