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Merrimack Pharmaceuticals Reports Second Quarter 2012 Financial Results

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 Indications

CAMBRIDGE, 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.

Upcoming Events and Milestones

Merrimack expects to present at the following investor and scientific conferences:
  • 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.

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 $20.1 million for the second quarter of 2012, compared to $29.2 million for the second quarter of 2011. Net loss per share available to common stockholders for the second quarter of 2012 was $0.22 per share, compared to a loss of $2.76 per share for the second quarter of 2011. This decrease in net loss per share available to common stockholders was primarily attributable to an increase in the weighted-average common shares used in computing net loss per share available to common stockholders as a result of Merrimack's April 2012 initial public offering in which all outstanding shares of Merrimack's convertible preferred stock were converted into 66,255,529 shares of common stock and Merrimack issued 15,042,459 new shares of common stock.  

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