CAMBRIDGE, Mass., Aug. 11, 2014 (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 2014 financial results. Merrimack will host a live conference call and webcast today, Monday, August 11 at 8:00 a.m., Eastern Time, to provide an update on Merrimack's progress as well as a summary of second quarter 2014 financial results.
- Presentation of MM-398 Phase 3 NAPOLI-1 results at the ESMO World Congress on Gastrointestinal Cancer 2014 in Barcelona;
- Initiation of HERMIONE, a Phase 2 clinical trial designed to support an Accelerated Approval application to the FDA for MM-302 in patients with HER2-positive metastatic breast cancer, which was announced in a separate release this morning;
- Agreement to regain worldwide rights to develop and commercialize MM-121; and
- Presentation of MM-121 Phase 2 clinical data at the 2014 Annual Meeting of the American Society of Clinical Oncology in Chicago.
- Submission of a New Drug Application to the U.S. Food and Drug Administration for MM-398 in 2014;
- Initiation of a Phase 2 clinical trial for MM-141 in 2015; and
- Announcement of top line data from the MM-111 Phase 2 clinical trial in gastric, esophageal and gastroesophageal cancers in 2015.
- Net loss for the second quarter of 2014 was $18.3 million, or basic and diluted net loss per share available to common stockholders of $0.17, compared with net loss for the second quarter of 2013 of $30.3 million, or basic and diluted net loss per share available to common stockholders of $0.31. This decrease in net loss was primarily attributable to: - A $22.5 million increase in revenue due to a change in estimate of the revenue recognition period of previously-received upfront, milestone and manufacturing payments as a result of the termination of the MM-121 license and collaboration agreement with Sanofi effective December 17, 2014, unless Merrimack elects to accelerate this termination date; - $3.3 million of increased research and development expense not associated with MM-121, which was primarily due to increased spending on Merrimack's other clinical stage product candidates; - $3.3 million of increased interest expense from Merrimack's 4.50% convertible senior notes, which were issued in July 2013, of which $2.0 million is imputed non-cash expense primarily related to the conversion feature of the convertible senior notes; and - $2.8 million of increased general and administrative expense primarily associated with increased headcount costs to support clinical and commercial development and increased costs to support commercialization efforts on MM-398.