MACK Merrimack Pharmaceuticals Inc.

5.6
-0.4  -7%
Previous Close 6
Open 6.03
52 Week Low 3.2
52 Week High 9.45
Market Cap $75,097,361
Shares 13,410,243
Float 10,685,047
Enterprise Value $66,571,458
Volume 25,237
Av. Daily Volume 23,853
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Upcoming Catalysts

Drug Stage Catalyst Date
Onivyde - RESILIENT (acquired by Ispen)
Small Cell Lung Cancer
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
ONIVYDE
Pancreatic cancer
Phase 3
Phase 3
Acquired by Ipsen. Phase 3 trial ongoing.
MM-121 SHERLOC
Cancer - Heregulin Positive Non-Small Cell Lung Cancer
Phase 2
Phase 2
Phase 2 trial discontinued due to futility - noted October 19, 2018.
MM-121 (SHERBOC)
HER2 negative metastatic breast cancer
Phase 2
Phase 2
Phase 2 trial termination announced November 7, 2018.
MM-310
Solid tumors
Phase 1
Phase 1
Announced April 4, 2019 discontinuation of development.
MM-141 - CARRIE
Cancer - front line pancreatic cancer
Phase 2
Phase 2
Phase 2 data released June 25, 2018 - endpoints not met.
ONIVYDE
Cancer - HER2-negative gastric cancer
Phase 3
Phase 3
Acquired by Ipsen
MM-302 HERMIONE
Cancer - HER2-positive locally advanced or metastatic breast cancer
Phase 2
Phase 2
Phase 2 trial discontinued December 21, 2016 due to poor efficacy.
ONIVYDE
Cancer - second line pancreatic
Approved
Approved
Approved October 22, 2015.

Latest News

  1. MENLO PARK, Calif., May 28, 2021 (GLOBE NEWSWIRE) -- 180 Life Sciences Corp. (NASDAQ:ATNF) (180 Life Sciences or the "Company"), a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain, today announced that it has appointed Russell T. Ray, MBA and Teresa DeLuca MD, MBA to its Board of Directors ("Board") effective June 15, 2021.

    Russell Ray was formerly Managing Director and Co-Head of Global Health Care at Credit Suisse First Boston Corporation where he led a 50-person team with offices in Baltimore, Chicago, London, New York and San Francisco focused on providing corporate finance and M&A advisory services to private and public companies in the…

    MENLO PARK, Calif., May 28, 2021 (GLOBE NEWSWIRE) -- 180 Life Sciences Corp. (NASDAQ:ATNF) (180 Life Sciences or the "Company"), a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain, today announced that it has appointed Russell T. Ray, MBA and Teresa DeLuca MD, MBA to its Board of Directors ("Board") effective June 15, 2021.

    Russell Ray was formerly Managing Director and Co-Head of Global Health Care at Credit Suisse First Boston Corporation where he led a 50-person team with offices in Baltimore, Chicago, London, New York and San Francisco focused on providing corporate finance and M&A advisory services to private and public companies in the biotechnology, health care services and health care information technology sectors.

    More recently, Mr. Ray was a Partner and Senior Advisor to HLM Venture Partners, a health care focused venture capital firm that invests in health care services, health care information technology and medical technology companies. He currently serves on the board of directors of Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK).

    Russ is a former Captain in the United States Army and recipient of the Bronze Star Medal, two Air Medals and two Army Commendation Medals for Meritorious Service. He received his MBA in Finance from the University of Pennsylvania's Wharton School of Business and graduated from the United States Military Academy at West Point, New York.

    Teresa DeLuca, MD, MBA comes to 180 Life Sciences as both a public independent board director and former senior executive Chief Medical Officer with significant P&L business line ownership at global Fortune 50 companies. Dr. DeLuca has deep expertise in operations, M&A, regulatory submissions, divestures, spin outs and strategy.

    Dr. DeLuca has 20+ years of corporate management experience (GSK, Medco, Walgreens, Humana, Magellan), running large divisions as well as being a physician with an active NY Medical and DEA license. She has extensive knowledge in every vertical of healthcare and has designed and launched new clinical services, guided multiple business line expansions, as well as having commercialized pharmaceutical in the highly competitive and regulated healthcare industry (both domestic and

    international).

    Her most recent role was at Columbia University as Managing Director, NY Life Science Venture Fund which includes leading the consortium of the 12 private/public institutions Her responsibilities included providing due diligence support for potential investments, partnerships, acquisitions, commercialization, licensing, and IPOs.

    Teresa completed her residency (MD) from Jefferson Medical College of Thomas Jefferson University and received her MBA from Drexel University. Additionally, a strong advocate for good board governance, she earned the Carnegie Mellon Cybersecurity certificate and passed the NACD's "Directorship Certified" examination (NACD.DC). Dr. DeLuca was also named "2020 Director to Watch" in the "Directors & Board Annual Report."

    Dr. James Woody, 180 Life Sciences Chief Executive Officer commented, "We are pleased to welcome both Teresa and Russ to our Board. We took a considerable amount of time to not simply just fill our open board seats, but to fill them with highly qualified individuals who will immediately bring tangible value to our team and capable of helping to create meaningful value for our shareholders. I think both of their bios speak for themselves and I look forward to working with them. Their addition will satisfy Nasdaq's continued listing standards for independent directors on the 180 Life Sciences Board. In addition, we also look forward to soon announcing the addition of two more equally qualified board members to our team."

    About 180 Life Sciences Corp.

    180 Life Sciences Corp. is a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain by leveraging the combined expertise of luminaries in therapeutics from Oxford University, the Hebrew University and Stanford University. 180 Life Sciences is leading the research into solving one of the world's biggest drivers of disease – inflammation. The Company is driving groundbreaking studies into clinical programs, which are seeking to develop novel drugs addressing separate areas of inflammation for which there are no effective therapies. The Company's primary platform is a novel program to treat fibrosis using anti-TNF (tumor necrosis factor).

    Forward-Looking Statements

    This press release includes "forward-looking statements", including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, statements relating to expectations regarding the capitalization, resources, and funding of the Company; expectations with respect to future performance, growth and anticipated acquisitions; the continued listing of the Company on The NASDAQ Stock Market; the ability of the Company to execute its plans to develop and market new drug products and the timing and costs of these development programs; estimates of the size of the markets for its potential drug products; potential litigation involving the Company or the validity or enforceability of the intellectual property of the Company; global economic conditions; geopolitical events and regulatory changes; the expectations, development plans and anticipated timelines for the Company's drug candidates, pipeline and programs, including collaborations with third parties; access to additional financing, and the potential lack of such financing; and the Company's ability to raise funding in the future and the terms of such funding. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks, as well as in the definitive proxy statement/prospectus that the Company filed in connection with the recent merger. These reports and filings are available at www.sec.gov. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, including the forward-looking statements included in this press release, which are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as otherwise provided by law.

    Investors:

    Jason Assad

    Director of IR

    180 Life Sciences Corp

    (678) 570-6791

    Media Relations:

    David Schull



    (212) 845-4271



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  2. Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) ("Merrimack" or the "Company") today announced its full year 2020 financial results for the period ended December 31, 2020.

    "We are pleased that both Ipsen Pharmaceuticals and Elevation Oncology continue to pursue separate clinical stage programs which could result in milestone payments to Merrimack." said Gary Crocker, Chairman of Merrimack's Board of Directors. "We have continued to see reduced operating expenses and remain focused on conserving cash to ensure that we have sufficient financial resources to capture future potential milestone payments from Ipsen and Elevation."

    Fourth Quarter and Full Year 2020 Financial Results

    Merrimack reported net loss of $3.0 million for the year ended December…

    Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) ("Merrimack" or the "Company") today announced its full year 2020 financial results for the period ended December 31, 2020.

    "We are pleased that both Ipsen Pharmaceuticals and Elevation Oncology continue to pursue separate clinical stage programs which could result in milestone payments to Merrimack." said Gary Crocker, Chairman of Merrimack's Board of Directors. "We have continued to see reduced operating expenses and remain focused on conserving cash to ensure that we have sufficient financial resources to capture future potential milestone payments from Ipsen and Elevation."

    Fourth Quarter and Full Year 2020 Financial Results

    Merrimack reported net loss of $3.0 million for the year ended December 31, 2020, or $0.22 per basic share, compared to a net loss of $17.3 million, or $1.30 per basic share, for the same period in 2019.

    Merrimack reported a gain on sale of assets for the year ended December 31, 2020 of $2.1 million compared to $4.9 million for the same period in 2019.

    General and administrative expenses for the year ended December 31, 2020 were $5.0 million, compared to $16.2 million for the same period in 2019.

    As of December 31, 2020, Merrimack had cash and cash equivalents and investments of $14.0 million, compared to $16.6 million as of December 31, 2019.

    As of December 31, 2020, Merrimack had 13.4 million shares of common stock outstanding.

    Updates on Programs Underlying Potential Milestone Payments

    Ipsen

    - On December 1, 2020 Ipsen held a capital markets day briefing with investors. On February 11, 2021 Ipsen released its full year 2020 financial results. In both of these updates Ipsen provided guidance to investors that it may file with the FDA for accelerated approval of ONIVYDE® as a treatment of second line small cell lung cancer in 2021. In addition, Ipsen reported that it is continuing to study ONIVYDE® in Phase III clinical trials in first line pancreatic ductal adenocarcinoma.

    Elevation Oncology

    - On November 18, 2020 Elevation Oncology announced that it had raised a $65 million Series B financing. This announcement included confirmation that Elevation's phase II CRESTONE study evaluating the HER3 monoclonal antibody seribantumab for the treatment of patients with tumors harboring an NRG1 gene fusion is continuing to enroll patients.

    About Merrimack

    Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. in April 2017. These milestone payments would be payable by Ipsen upon approval by the U.S. Food and Drug Administration ("FDA") of ONIVYDE® for certain additional clinical indications. ONIVYDE® is already approved by the FDA in combination with fluorouracil (5-FU) and leucovorin (LV) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. This existing approval is unrelated to any future potential milestone payments. Merrimack's agreement with Ipsen does not require Ipsen to provide Merrimack with any information on the progress of ONIVYDE® clinical trials that is not publicly available. Merrimack is also entitled to receive up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019. The Company is seeking potential acquirers for its remaining preclinical assets.

    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, future revenues 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, among others, statements about Merrimack's plans to seek to divest its preclinical and clinical assets, Merrimack's rights to receive payments related to certain milestone events or whether such milestones will be achieved, if at all, the sufficiency of Merrimack's cash resources and Merrimack's strategic plan, including any potential distribution of additional cash. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's 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: Positive information about pre-clinical and early stage clinical trial results does not ensure that later stage or larger scale clinical trials will be successful. For example, Onivyde® may not demonstrate promising therapeutic effect or appropriate safety profiles in current or later stage or larger scale clinical trials as a result of known or as yet unanticipated side effects. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards or to justify further development. Problems or delays may arise prior to the initiation of planned clinical trials, during clinical trials or in the course of developing, testing or manufacturing that could lead Ipsen and Elevation Oncology and their partners and collaborators to fail to initiate or to discontinue development. Even if later stage clinical trials are successful, unexpected concerns may arise from subsequent analysis of data or from additional data. Obstacles may arise or issues may be identified in connection with review of clinical data with regulatory authorities. Regulatory authorities may disagree with Ipsen and Elevation Oncology's view of the data or require additional data or information or additional studies. In addition, the planned timing of initiation and completion of clinical trials based upon Onivyde® and the anti-HER Program are subject to the ability of each of Ipsen and Elevation Oncology, respectively, to enroll patients, enter into agreements with clinical trial sites and investigators, and overcome technical hurdles and other issues related to the conduct of the trials for which each of them is responsible. Additionally, each of Ipsen and Elevation Oncology are subject to the risk that they may not successfully commercialize these development programs. Merrimack is also subject to the risk that it may not have funding sufficient for its foreseeable and unforeseeable operating expenses and capital expenditure requirements. In addition, press releases and other public statements by Ipsen and Elevation Oncology may contain forward-looking statements. 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 SEC on March 10, 2021, any subsequent quarterly report on Form 10-Q filed by Merrimack and the other reports Merrimack files with the Securities and Exchange Commission.

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  3. Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) ("Merrimack" or the "Company") today announced its third quarter 2020 financial results for the period ended September 30, 2020.

    "We are pleased that both Ipsen Pharmaceuticals and Elevation Oncology continue to enroll patients in separate clinical stage programs which could result in milestone payments to Merrimack," said Gary Crocker, Chairman of Merrimack's Board of Directors. "We remain focused on conserving cash and reduction of our operating expenses to ensure that we have sufficient financial resources to capture future potential milestone payments from Ipsen and Elevation."

    Third Quarter 2020 Financial Results

    Merrimack reported net loss of $1.0 million for the third quarter ended September…

    Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) ("Merrimack" or the "Company") today announced its third quarter 2020 financial results for the period ended September 30, 2020.

    "We are pleased that both Ipsen Pharmaceuticals and Elevation Oncology continue to enroll patients in separate clinical stage programs which could result in milestone payments to Merrimack," said Gary Crocker, Chairman of Merrimack's Board of Directors. "We remain focused on conserving cash and reduction of our operating expenses to ensure that we have sufficient financial resources to capture future potential milestone payments from Ipsen and Elevation."

    Third Quarter 2020 Financial Results

    Merrimack reported net loss of $1.0 million for the third quarter ended September 30, 2020, or $0.08 per basic share, compared to a net loss of $0.7 million, or $0.05 per basic share, for the same period in 2019.

    No gain on sale of assets was recognized for the third quarter ended September 30, 2020 compared to $3.5 million for the same period in 2019.

    General and administrative expenses for the third quarter ended September 30, 2020 were $1.0 million, compared to $4.3 million for the same period in 2019.

    As of September 30, 2020, Merrimack had cash and cash equivalents and investments of $15.8 million, compared to $16.6 million as of December 31, 2019.

    As of September 30, 2020, Merrimack had 13.4 million shares of common stock outstanding.

    Updates on Programs Underlying Potential Milestone Payments

    Ipsen

    - On October 22, 2020 Ipsen released its third quarter financial results. As part of that update, Ipsen reported that it is continuing to study ONIVYDE® in Phase III clinical trials in first line pancreatic ductal adenocarcinoma and in second line small cell lung cancer.

    Elevation Oncology

    - On October 26, 2020 Elevation Oncology announced the presentation of preclinical data on its HER3 program. This announcement included confirmation that Elevation's phase II CRESTONE study is currently enrolling patients.

    About Merrimack

    Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. in April 2017. These milestone payments would be payable by Ipsen upon approval by the U.S. Food and Drug Administration ("FDA") of ONIVYDE® for certain additional clinical indications. ONIVYDE® is already approved by the FDA in combination with fluorouracil (5-FU) and leucovorin (LV) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. This existing approval is unrelated to any future potential milestone payments. Merrimack's agreement with Ipsen does not require Ipsen to provide Merrimack with any information on the progress of ONIVYDE® clinical trials that is not publicly available. Merrimack is also entitled to receive up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019. The Company is seeking potential acquirers for its remaining preclinical assets.

    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, future revenues 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, among others, statements about Merrimack's plans to seek to divest its preclinical and clinical assets, Merrimack's rights to receive payments related to certain milestone events or whether such milestones will be achieved, if at all, the sufficiency of Merrimack's cash resources and Merrimack's strategic plan, including any potential distribution of additional cash. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's 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: Positive information about pre-clinical and early stage clinical trial results does not ensure that later stage or larger scale clinical trials will be successful. For example, Onivyde® may not demonstrate promising therapeutic effect or appropriate safety profiles in current or later stage or larger scale clinical trials as a result of known or as yet unanticipated side effects. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards or to justify further development. Problems or delays may arise prior to the initiation of planned clinical trials, during clinical trials or in the course of developing, testing or manufacturing that could lead Ipsen and Elevation Oncology and their partners and collaborators to fail to initiate or to discontinue development. Even if later stage clinical trials are successful, unexpected concerns may arise from subsequent analysis of data or from additional data. Obstacles may arise or issues may be identified in connection with review of clinical data with regulatory authorities. Regulatory authorities may disagree with Ipsen and Elevation Oncology's view of the data or require additional data or information or additional studies. In addition, the planned timing of initiation and completion of clinical trials based upon Onivyde® and the anti-HER Program are subject to the ability of each of Ipsen and Elevation Oncology, respectively, to enroll patients, enter into agreements with clinical trial sites and investigators, and overcome technical hurdles and other issues related to the conduct of the trials for which each of them is responsible. Additionally, each of Ipsen and Elevation Oncology are subject to the risk that they may not successfully commercialize these development programs. Merrimack is also subject to the risk that it may not have funding sufficient for its foreseeable and unforeseeable operating expenses and capital expenditure requirements. In addition, press releases and other public statements by Ipsen and Elevation Oncology may contain forward-looking statements. 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 SEC on March 12, 2020, any subsequent quarterly report on Form 10-Q filed by Merrimack and the other reports Merrimack files with the Securities and Exchange Commission.

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  4. Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) [("Merrimack" or the "Company")] today announced its first quarter 2020 financial results for the period ended March 31, 2020.

    "We are pleased to report that we have significantly reduced our operating expenses and also sold certain of our remaining intellectual property assets during the first quarter of 2020," said Gary Crocker, Chairman of Merrimack's Board of Directors. "As a result of reduced general and administrative costs and the proceeds from the previously announced asset sale we reported a profit of $249,000 for the first quarter. We are currently focused on making further reductions to legal, accounting and management consulting expenses which we plan to realize during the second half…

    Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) [("Merrimack" or the "Company")] today announced its first quarter 2020 financial results for the period ended March 31, 2020.

    "We are pleased to report that we have significantly reduced our operating expenses and also sold certain of our remaining intellectual property assets during the first quarter of 2020," said Gary Crocker, Chairman of Merrimack's Board of Directors. "As a result of reduced general and administrative costs and the proceeds from the previously announced asset sale we reported a profit of $249,000 for the first quarter. We are currently focused on making further reductions to legal, accounting and management consulting expenses which we plan to realize during the second half of 2020."

    First Quarter 2020 Financial Results

    Merrimack reported net income of $0.25 million for the first quarter ended March 31, 2020, or $0.02 per basic and diluted share on a fully diluted basis, compared to a net loss of $10.5 million, or $0.78 per basic and diluted share on a fully diluted basis, for the same period in 2019.

    Merrimack reported a gain on the sale of assets for the first quarter ended March 31, 2020 of $2.1 million, attributable to the sale of certain of our preclinical nanoliposome programs.

    No research and development expenses were recognized for the first quarter ended March 31, 2020 compared to $6.4 million for the same period in 2019.

    General and administrative expenses for the first quarter ended March 31, 2020 were $1.9 million, compared to $3.7 million for the same period in 2019.

    As of March 31, 2020, Merrimack had cash and cash equivalents and investments of $18.0 million, compared to $16.6 million as of December 31, 2019.

    As of March 31, 2020, Merrimack had 13.4 million shares of common stock outstanding.

    About Merrimack

    Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. in April 2017. Merrimack's agreement with Ipsen does not require Ipsen to provide Merrimack with any information on the progress of ONIVYDE clinical trials that is not publicly available. Merrimack is also entitled to receive up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019. The Company is seeking potential acquirers for its remaining preclinical and clinical assets.

    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, future revenues 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, among others, statements about Merrimack's plans to seek to divest its preclinical and clinical assets, Merrimack's rights to receive payments related to certain milestone events or whether such milestones will be achieved, if at all, the sufficiency of Merrimack's cash resources and Merrimack's strategic plan, including any potential distribution of additional cash. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's 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, expectations for achievement of contractual milestones and the availability of funding sufficient for Merrimack's foreseeable and unforeseeable operating expenses and capital expenditure requirements. 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-K filed with the SEC on March 12, 2020 and the other reports Merrimack files with the Securities and Exchange Commission.

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  5. Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) [("Merrimack" or the "Company")] today announced receipt of $2.25 million in connection with the closing of a transaction in which the Company sold certain assets related to its preclinical nanoliposome programs to Celator Pharmaceuticals, Inc. Merrimack will not receive any further contingent consideration or royalties as a result of this transaction.

    Under the terms of the agreement for the transaction, Celator, in addition to paying the base purchase price of $2.25 million, reimbursed the Merrimack for certain specified expenses and assumed certain liabilities with respect to the acquired assets. Further, under the agreement, the Company assigned to Celator the previously disclosed intellectual…

    Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) [("Merrimack" or the "Company")] today announced receipt of $2.25 million in connection with the closing of a transaction in which the Company sold certain assets related to its preclinical nanoliposome programs to Celator Pharmaceuticals, Inc. Merrimack will not receive any further contingent consideration or royalties as a result of this transaction.

    Under the terms of the agreement for the transaction, Celator, in addition to paying the base purchase price of $2.25 million, reimbursed the Merrimack for certain specified expenses and assumed certain liabilities with respect to the acquired assets. Further, under the agreement, the Company assigned to Celator the previously disclosed intellectual property license agreement among the Company and Ipsen S.A pursuant to which Ipsen granted the Company licenses to certain patents, and Celator also granted the Company an exclusive license to certain specified know-how and patents related to specific nano-liposome projects which remain in the Merrimack portfolio.

    Completion of this transaction is a continuation of Merrimack's strategy of extending its cash runway into 2027 and preserving its ability to capture the potential $450 million of remaining ONIVYDE-related contingent milestone payments resulting from its 2017 asset sale to Ipsen as well as the potential $54.5 million of remaining contingent milestone payments resulting from its 2019 sale of certain programs to Elevation Oncology, Inc. (formerly known as 14ner Oncology, Inc.).

    "This asset sale transaction reflects our ongoing strategic focus on both the monetization of our remaining preclinical assets and the further reduction of our operating expenses," said Gary Crocker, Chairman of Merrimack's Board of Directors. "Ipsen recently publicly announced that ONIVYDE is in Phase 3 clinical trials in two additional indications which we believe could, if successful, support the attainment of certain milestones. The proceeds from the Celator transaction provide an additional operational buffer in the event of any potential unanticipated contingencies, and enhance our ability to focus on our top priority, which is to preserve our ability to collect milestones and to maximize returns to shareholders. As opportunities arise we will continue to look to distribute excess cash not essential to our minimal operations."

    About Merrimack

    Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. in April 2017 and up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019. The Company is seeking potential acquirers for its remaining preclinical and clinical assets.

    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, future revenues 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, among others, statements about Merrimack's plans to seek to divest its preclinical and clinical assets, Merrimack's rights to receive payments related to certain milestone events or whether such milestones will be achieved, if at all, the sufficiency of Merrimack's cash resources and Merrimack's strategic plan, including any potential distribution of additional cash. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's 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, expectations for achievement of contractual milestones and the availability of funding sufficient for Merrimack's foreseeable and unforeseeable operating expenses and capital expenditure requirements. 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-K filed with the SEC on March 12, 2020 and the other reports Merrimack files with the Securities and Exchange Commission.

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