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Merrimack Reports Second Quarter 2013 Financial Results

CAMBRIDGE, Mass., Aug. 8, 2013 (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 2013 financial results.

"We are pleased with a strong quarter of progress advancing our pipeline of six novel therapeutic candidates," said Robert Mulroy, President and CEO of Merrimack. "We remain on track for a robust set of milestones in the months ahead and we remain focused on our goal of delivering transformative therapies to patients to dramatically improve cancer outcomes."

Merrimack will host a conference call today, Thursday, August 8 at 11 a.m., Eastern Time, to provide an update on its development pipeline. The call will also provide a summary of second quarter 2013 financial results.

Investors and the general public are invited to listen to the call by dialing (877) 564-1301 (domestic) or (224) 357-2394 (international) five minutes prior to the start of the call and providing the passcode 23772480. A listen-only webcast of the call can be accessed in the Investors section of Merrimack's website, , and a replay of the call will be archived there for six weeks following the call.

Key Recent Events, Upcoming Milestones and Conferences

In the past three months, Merrimack achieved a number of significant accomplishments, including:
  • Initiation of a Phase 2 clinical trial in second line gastric cancer for MM-111, Merrimack's bispecific antibody that targets ErbB3 and ErbB2;
  • Completion of enrollment in a Phase 2 clinical trial in breast cancer of MM-121, Merrimack's fully human monoclonal antibody that targets ErbB3;
  • Presentation of MM-121 Phase 1 data from patients with advanced solid tumors at the 2013 American Society of Clinical Oncology Annual Meeting; and
  • Raising approximately $147.4 million in net proceeds through the sale of common stock and convertible notes.

Merrimack anticipates the following upcoming milestones:
  • Completion of enrollment and announcement of top-line data for the NAPOLI-1 study, MM-398's global Phase 3 clinical trial in gemcitabine-resistant pancreatic cancer;
  • Announcement of top-line data from four MM-121 Phase 2 clinical trials focused on:
  • Second line hormone receptor positive breast cancer in combination with exemestane,
  • Second line wild type EGFR non-small cell lung cancer in combination with erlotinib,
  • Neoadjuvant HER2 negative breast cancer in combination with paclitaxel, and
  • Second line platinum resistant/refractory ovarian cancer in combination with paclitaxel; and
  • Transition of multiple Phase 1 programs into Phase 2 opportunities to address large, unmet patient needs.

Merrimack expects to present at a number of investor conferences in the coming months, including:
  • Morgan Stanley Global Healthcare Conference, September 9-11, 2013 in New York, New York; and
  • Brean Capital 2013 Life Sciences Summit, October 7, 2013 in New York, New York.

Recent Financings

On July 17, 2013, we closed concurrent underwritten public offerings of 5.75 million shares of common stock at a price to the public of $5.00 per share and $125.0 million aggregate principal amount of 4.5% convertible senior notes. Combined net proceeds, after deducting underwriting discounts and commissions and other offering expenses, were approximately $147.4 million.

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