Merrimack is a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of serious diseases, with an initial focus on cancer. Merrimack applies Network Biology, its proprietary systems biology-based approach to biomedical research, throughout the research and development process. Merrimack currently has five targeted therapeutic oncology candidates in clinical development.
Cautionary Note on 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 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 statements about Merrimack's growth on both the business and scientific fronts, Merrimack's ability to advance its translational research efforts and individual patient treatment, Merrimack's presentations at upcoming investor and oncology conferences, Merrimack's anticipated milestones over the next 12 months and estimates regarding the sufficiency of Merrimack's cash balance to fund operating expenses and capital expenditures. 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, expectations for regulatory approvals, development progress of Merrimack's companion diagnostics, and other matters that could affect the availability or commercial potential of Merrimack's drug 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 Securities and Exchange Commission on May 15, 2012.
|MERRIMACK PHARMACEUTICALS, INC.|
|CONDENSED CONSOLIDATED FINANCIAL RESULTS|
|(in thousands, except per share amounts)|
|Three Months Ended June 30,|
|Collaboration revenues||$ 6,595||$ 12,063|
|Research and development||31,187||28,758|
|General and administrative||4,832||3,610|
|Total operating expenses||36,019||32,368|
|Loss from Operations||(29,424)||(20,305)|
|Other income and expenses||228||166|
|Less net loss attributable to non-controlling interest||(145)||(113)|
|Net loss attributable to Merrimack Pharmaceuticals||$(29,051)||$(20,026)|
|Net loss per share attributable to common shareholders – basic and diluted||$ (2.76)||$ (0.22)|
|Weighted-average common shares used in computing net loss per share available to common stockholders – basic and diluted||11,282||90,581|
|CONDENSED CONSOLIDATED BALANCE SHEET DATA|
|December 31, 2011||June 30, 2012 (1)|
|Cash and cash equivalents||$ 50,454||$ 32,043|
|Convertible preferred stock||268,225||--|
|Total stockholders' (deficit) equity||(290,490)||32,742|
|(1) In April 2012, Merrimack closed the initial public offering of its common stock pursuant to a registration statement on Form S-1, as amended. Merrimack sold an aggregate of 15,042,459 shares of common stock under the registration statement at a public offering price of $7.00 per share, including 742,459 shares pursuant to the exercise by the underwriters of an over-allotment option. Net proceeds were approximately $98.1 million, after deducting underwriting discounts and commissions and other offering expenses payable by Merrimack but prior to the payment of accrued dividends on Merrimack's Series B convertible preferred stock. Upon closing the initial public offering, all outstanding shares of Merrimack's convertible preferred stock were converted into 66,255,529 shares of common stock, all outstanding warrants to purchase shares of convertible preferred stock were converted into warrants to purchase shares of common stock and approximately $4.3 million of cash dividends became payable to the holders of Series B convertible preferred stock.|
CONTACT: Investor & Media Contact: Kathleen Petrozzelli Gallagher Corporate Communications, Merrimack 617-441-1043, firstname.lastname@example.org Media Contact: Betsy Stevenson RaymondStevenson Healthcare Communications 860-984-1424, email@example.com
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