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Merrimack Pharmaceuticals Reports Second Quarter 2014 Financial Results

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.

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 83151516. Slides and 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
  • 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.

Upcoming Milestones

Merrimack anticipates the following upcoming milestones:
  • 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.

Second Quarter 2014 Financial Results
  • 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.

Financial Outlook

Merrimack expects that its existing unrestricted cash and cash equivalents and available-for-sale securities as of June 30, 2014, anticipated interest income and remaining funding under its license and collaboration agreement with Sanofi related to MM-121, which will terminate effective December 17, 2014 unless Merrimack chooses to accelerate such termination date, will enable Merrimack to fund operations into 2015.

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