Merrimack Pharmaceuticals Reports First Quarter 2012 Financial Results
"Our vision is to dramatically improve the care and treatment of cancer and the past few months have been pivotal in moving us toward that mission. We've been able to expand both the breadth and depth of our pipeline by initiating Phase 3 and Phase 2 studies across a number of indications and also entering MM-151 into Phase 1 testing as our fifth novel cancer therapeutic candidate in clinical development," said
Key Recent Accomplishments
Over the past six months, Merrimack has seen significant expansion in its clinical pipeline and has also achieved some important milestones, including:
-
In
November 2011 , the initiation of a global Phase 3 study of MM-398 in second line metastatic pancreatic cancer; - In the fourth quarter of 2011, the initiation of three Phase 2 studies of MM-121 in combination with various agents in lung, breast and ovarian cancers;
-
In
January 2012 , MM-151 initiated its Phase 1 monotherapy safety study; -
In
March 2012 , a paper was published on MM-111 in the journal Molecular Cancer Therapeutics describing its rationale and its Network Biology driven development; -
In
April 2012 , Merrimack completed its initial public offering and raised over$100 million in gross proceeds; -
In
April 2012 , a paper was published on MM-302 in the journal Toxicology and Applied Pharmacology describing the preclinical work done on its cardiotoxicity profile; and -
In
April 2012 , Merrimack received a blue ribbon award at the Annual Meeting of theAmerican Association for Cancer Research .
Upcoming Events and Milestones
Merrimack expects to present at the following investor and oncology conferences:
-
Bank of America Merrill Lynch 2012Health Care Conference ,May 16, 2012 inLas Vegas at8:00 a.m. (PDT) ; -
American Society of Clinical Oncology (ASCO) 2012 Annual Meeting,June 1-5, 2012 inChicago ; and -
Jefferies 2012 Global Healthcare Conference,
June 4-7, 2012 inNew York City .
Merrimack anticipates the following milestones in the next 12 months:
- Presentation on a Phase 1 study of MM-111 in combination with multiple agents;
- Presentation on a Phase 1 monotherapy study of MM-302;
- Phase 1 initiation for MM-141, Merrimack's IGF signaling inhibitor;
- Phase 1 initiation for DX-929, an imaging diagnostic for Merrimack's nanotherapeutics;
- Completion of enrollment in multiple Phase 2 trials; and
- Top line data announcement of multiple MM-121 Phase 2 studies.
First Quarter 2012 Financial Results and 2012 Financial Outlook
Merrimack reported a net loss of
Collaboration revenues for the first quarter of 2012 were
Research and development expenses for the first quarter of 2012 were
General and administrative expenses for the first quarter of 2012 were
In
Merrimack expects its existing cash and cash equivalents on hand as of
About Merrimack
Merrimack is a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of serious diseases, with an initial focus on cancer. Merrimack applies Network Biology, its proprietary systems biology-based approach to biomedical research, throughout the research and development process. Merrimack currently has five targeted therapeutic oncology candidates 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 vision to dramatically improve cancer care and
treatment, Merrimack's ability to translate its pipeline into therapeutics, Merrimack's presentations at upcoming investor and oncology conferences, Merrimack's anticipated milestones over the next 12 months and estimates 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, 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 Annual Report on Form 10-K filed with the
MERRIMACK PHARMACEUTICALS, INC. | ||
CONDENSED CONSOLIDATED FINANCIAL RESULTS | ||
(in thousands, except per share amounts) | ||
Three Months Ended |
||
2011 | 2012(1) | |
Collaboration revenues | $ 6,461 |
|
Operating expenses: | ||
Research and development | 18,001 | 31,651 |
General and administrative | 3,101 | 3,728 |
Total operating expenses | 21,102 | 35,379 |
Loss from Operations | (14,641) | (24,035) |
Other income and expenses | 1,106 | 633 |
Net loss | (13,535) | (23,402) |
Less net loss attributable to non-controlling interest | (78) | (118) |
Net loss attributable to |
|
|
Net loss per share attributable to common shareholders — basic and diluted |
|
|
Weighted-average common shares used in computing net loss per share available to common stockholders — basic and diluted | 11,106 | 11,846 |
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands) |
||
December 31, 2011 |
March 31, 2012(1) |
|
Cash and cash equivalents |
|
|
Total assets | 85,299 | 64,448 |
Convertible preferred stock | 268,225 | 268,225 |
Common stock | 118 | 119 |
Total stockholders' deficit | (290,490) | (312,287) |
CONDENSED CONSOLIDATED CASH FLOW DATA (in thousands) |
||
Three Months Ended |
||
2011 | 2012(1) | |
Net increase (decrease) in cash and cash equivalents |
|
|
Cash and cash equivalents, end of period | 32,595 | 30,555 |
(1) In
CONTACT: Investor & Media Contact:Source:Kathleen Petrozzelli Gallagher Corporate Communications, Merrimack 617-441-1043, kgallagher@merrimackpharma.com Media Contact:Betsy Stevenson ,RaymondStevenson Healthcare Communications 860-984-1424, betsy@raymondstevenson.com
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