-- $1.4 million of decreased MM-141 spending primarily due to the absence in 2013 of IND-enabling activities that occurred in the first quarter of 2012; -- $1.1 million of decreased MM-151 spending primarily due to the absence in 2013 of a $1.5 million licensing payment that occurred in the first quarter of 2012, partially offset by increased clinical trial costs; and -- $0.5 million of decreased MM-398 spending primarily due to the absence in 2013 of a $5.0 million milestone payment that occurred in the first quarter of 2012, significantly offset by increased costs related to Merrimack's ongoing Phase 3 clinical trial.
- General and administrative expenses for the first quarter of 2013 were $4.9 million, compared with $3.7 million for the first quarter of 2012, an increase of $1.2 million, or 32%. This increase was primarily related to an increase in labor and labor-related costs, including stock compensation expense.
- Other income and expenses, net for the first quarter of 2013 was $1.1 million of expense, compared with $0.6 million of income for the first quarter of 2012, a decrease of $1.7 million. This decrease was primarily related to interest expense from Merrimack's term loan with Hercules Technology Growth Capital, Inc.
2013 Financial Outlook
Based on current operating plans, Merrimack expects its existing unrestricted cash and cash equivalents and available-for-sale securities on hand as of March 31, 2013 of $86.7 million, anticipated interest income and research and development and manufacturing funding under its license and collaboration agreement with Sanofi related to MM-121 to be sufficient to fund operations into 2014.
About MerrimackMerrimack Pharmaceuticals is a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of cancer. Merrimack applies its systems biology-based approach to biomedical research throughout the research and development process. Merrimack currently has six oncology therapeutics in clinical development.
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