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Merrimack Reports Second Quarter 2013 Financial Results

About Merrimack

Merrimack 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.

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 anticipated milestones, Merrimack's presentations at upcoming investor and scientific conferences and expectations 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, availability of funding sufficient for Merrimack's foreseeable and unforeseeable operating expenses and capital expenditure requirements, 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 (SEC) on May 13, 2013 and other reports Merrimack files with the SEC.
Merrimack Pharmaceuticals, Inc. 
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
     
  Three Months Ended June 30, 
  2012 2013
Collaboration revenues $12,063 $18,452
Operating expenses:    
Research and development 28,758 42,465
General and administrative 3,610 5,095
Total operating expenses 32,368 47,560
     
Loss from operations (20,305) (29,108)
     
Other income and expenses, net 166 (1,143)
     
Net loss  $ (20,139)  $ (30,251)
     
Less net loss attributable to non-controlling interest (113) (169)
     
Net loss attributable to Merrimack   $ (20,026)  $ (30,082)
     
Other comprehensive income (loss) (49) 15
     
Comprehensive loss  $ (20,075)  $ (30,067)
     
Net loss per share available to stockholders - basic and diluted  $ (0.22)  $ (0.31)
     
Weighted-average common shares used in computing net loss per share available to common stockholders - basic and diluted 90,581 96,170
 
Merrimack Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
     
Assets As of December 31, 2012 As of June 30, 2013
Cash and cash equivalents $37,714 $30,943
Available-for-sale securities 72,238 31,197
Restricted cash 100 100
Accounts receivable 9,267 14,537
Prepaid expenses and other current assets 8,982 9,170
Total current assets 128,301 85,947
     
Restricted cash 528 567
Property and equipment, net 6,297 8,155
Other assets 1,068 31
Intangible assets, net 2,165 2,005
In-process research and development 7,010 7,010
Goodwill 3,605 3,605
Total assets $148,974 $107,320
     
Liabilities, Non-Controlling Interest (Deficit) and Stockholders' Deficit    
Accounts payable, accrued expenses and other $24,936 $36,322
Deferred revenues 9,350 9,336
Loans payable 2,373 9,970
Other current liabilities 1,861 2,119
Total current liabilities 38,520 57,747
     
Deferred revenues 71,114 68,724
Loans payable 37,482 30,592
Accrued interest 1,200 1,200
Other liabilities 7,078 7,398
Total liabilities 155,394 165,661
     
Non-controlling interest (deficit) 97 (242)
Total stockholders' deficit (6,517) (58,099)
Total liabilities, non-controlling interest (deficit) and stockholders' deficit $148,974 $107,320
CONTACT: Investor Contact:
         Geoffrey M. Grande, CFA
         Investor Relations
         Merrimack Pharmaceuticals
         617-441-7602
         ggrande@merrimackpharma.com
         
         Media Contact:
         Dana Robie
         Corporate Communications
         Merrimack Pharmaceuticals
         617-441-7408
         drobie@merrimackpharma.com

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