Collaboration revenues for the second quarter of 2012 were $12.1 million, compared to $6.6 million for the second quarter of 2011, an increase of $5.5 million, or 83%. This increase was a result of increases in development, milestone and manufacturing revenues recognized under the 2009 license and collaboration agreement with Sanofi for the development and commercialization of drug candidate MM-121.Research and development expenses for the second quarter of 2012 were $28.8 million, compared to $31.2 million for the second quarter of 2011, a decrease of $2.4 million, or 8%. This decrease was primarily attributable to decreased overall spending on the MM-398 program resulting from the absence of a $10.0 million upfront license payment to PharmaEngine, Inc. which was made by Merrimack during 2011, partially offset by overall increases in spending on the MM-121, MM-111 and MM-302 programs.
Merrimack Pharmaceuticals Reports Second Quarter 2012 Financial Results
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