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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Merrimack Pharmaceuticals Inc | NASDAQ:MACK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.74 | 14.72 | 14.78 | 0 | 01:00:00 |
CAMBRIDGE, Mass., Aug. 4, 2016 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) today announced its second quarter 2016 financial results. Merrimack will host a live conference call and webcast today, Thursday, August 4 at 4:30 p.m., Eastern time, to provide an update on Merrimack's progress as well as a summary of these 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 38883620. A listen-only webcast of the call can be accessed in the Investors section of Merrimack's website, investors.merrimack.com, and a replay of the call will be archived there for six weeks following the call.
ONIVYDE® (irinotecan liposome injection) Update
ONIVYDE updates include:
Key Recent Events
Merrimack's key recent events include:
Upcoming Milestones
Merrimack anticipates the following upcoming clinical milestones:
Second Quarter 2016 Financial Results
The following summarizes Merrimack's financial results from the quarter ended June 30, 2016:
Financial Outlook
In an effort to provide reconciliations to GAAP financial measures, Merrimack clarifies:
With respect to its fiscal 2016 guidance, Merrimack:
A table reconciling guidance for aggregate research and development and selling, general and administrative expenses, excluding anticipated milestone obligations to PharmaEngine, a non-GAAP financial measure, to aggregate research and development and selling, general and administrative expenses calculated in accordance with GAAP is included at the end of this press release.
Upcoming Investor Conferences
Merrimack will attend the following investor conference in the coming months:
A live webcast of the presentation at the Morgan Stanley Global Healthcare Conference can be accessed by visiting the Investors section of Merrimack's website at investors.merrimack.com. A replay of the webcast will be archived there for two weeks following the presentation.
About Merrimack
Merrimack is a fully integrated biopharmaceutical company that views cancer as a complex engineering challenge. Through systems biology, which brings together the fields of biology, computing and engineering, Merrimack aims to decrease uncertainty in drug development and clinical validation, and move discovery efforts beyond trial and error. Such an approach has the potential to make individualized treatment of patients a reality. Merrimack's first commercial product, ONIVYDE® (irinotecan liposome injection), was approved by the U.S. FDA in October 2015. With four additional candidates in clinical studies, several in preclinical development and multiple biomarkers designed to support patient selection, Merrimack is building one of the most robust oncology pipelines in the industry. For more information, please visit Merrimack's website at www.merrimack.com or connect on Twitter at @MerrimackPharma.
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, 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 the timing of availability of clinical trial data, potential registration opportunities, expectations regarding potential cash inflows, revenue and expenses and Merrimack's presentations at upcoming investor conferences. 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 products, product 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 2, 2016 and other reports Merrimack files with the SEC.
Merrimack Pharmaceuticals, Inc. |
||||
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) |
||||
Three Months Ended | ||||
June 30, |
March 31, | |||
(in thousands, except per share amounts) |
2016 |
2016 | ||
Revenues: |
||||
Product revenues, net |
$ |
12,851 |
$ |
9,968 |
License and collaboration revenues |
19,332 |
11,313 | ||
Other revenues |
1,498 |
— | ||
Total revenues |
33,681 |
21,281 | ||
Costs and expenses: |
||||
Cost of revenues |
1,872 |
711 | ||
Research and development expenses |
40,996 |
32,882 | ||
Selling, general and administrative expenses |
20,680 |
17,795 | ||
Total costs and expenses |
63,548 |
51,388 | ||
Loss from operations |
(29,867) |
(30,107) | ||
Other income and expenses, net |
(21,091) |
(8,551) | ||
Net loss |
(50,958) |
(38,658) | ||
Net loss attributable to non-controlling interest |
(208) |
(185) | ||
Net loss attributable to Merrimack |
$ |
(50,750) |
$ |
(38,473) |
Other comprehensive income (loss) |
15 |
(14) | ||
Comprehensive loss |
$ |
(50,735) |
$ |
(38,487) |
Net loss per share available to common stockholders - basic and diluted |
$ |
(0.40) |
$ |
(0.33) |
Weighted-average common shares used in computing net loss per share available to common stockholders - basic and diluted |
126,161 |
116,064 |
Merrimack Pharmaceuticals, Inc. |
||||
Selected Balance Sheet Data (unaudited) |
||||
As of |
As of | |||
June 30, |
March 31, | |||
(in thousands) |
2016 |
2016 | ||
Cash, cash equivalents and marketable securities |
$ |
82,667 |
$ |
132,390 |
Working capital |
28,145 |
63,318 | ||
Total assets |
150,019 |
192,932 | ||
Total liabilities |
351,577 |
410,075 | ||
Total stockholders' deficit |
(201,404) |
(217,197) | ||
Merrimack Pharmaceuticals, Inc. |
||||
Selected Cash Flow Data (unaudited) |
||||
Three Months Ended | ||||
(in thousands) |
June 30, 2016 |
March 31, 2016 | ||
Net cash used in operating activities |
$ |
(50,903) |
$ |
(53,523) |
Net cash provided by (used in) investing activities |
22,179 |
(85,491) | ||
Net cash provided by financing activities |
1,978 |
1,645 | ||
Net decrease in cash and cash equivalents |
$ |
(26,746) |
$ |
(137,369) |
This press release presents guidance regarding aggregate research and development and selling, general and administrative expenses, excluding anticipated milestone obligations to PharmaEngine, which is a financial measure not calculated in accordance with GAAP. Merrimack is providing non-GAAP information that excludes one-time anticipated milestone obligations to PharmaEngine because of the nature of these items and the impact they have on the analysis of underlying business performance and trends, including the fact that these anticipated milestone obligations to PharmaEngine are entirely offset by anticipated milestone obligations from Shire. Management believes that providing information regarding adjusted aggregate research and development and selling, general and administrative expenses enhances investors' understanding of Merrimack's performance and of trends that facilitate comparisons between periods. This information should be considered in addition to, but not in lieu of, information prepared in accordance with GAAP. Management also uses aggregate research and development and selling, general and administrative expenses, excluding anticipated milestone obligations to PharmaEngine, to establish budgets and operational goals and to manage Merrimack's business.
The following is a reconciliation of GAAP guidance to non-GAAP guidance:
Merrimack Pharmaceuticals, Inc. |
||||
Reconciliation to Aggregate Research and Development and Selling, General and Administrative Expenses, Excluding Anticipated Milestone Obligations to PharmaEngine (unaudited) |
Year Ended December 31, 2016 | |||
Low End |
High End | |||
(in thousands) |
of Range |
of Range | ||
Original range of anticipated aggregate research and development and selling, general and administrative expenses (GAAP measure) |
$ |
263,500 |
$ |
283,500 |
Less: expenses related to one-time anticipated milestone obligations to PharmaEngine |
(38,500) |
(38,500) | ||
Original range of anticipated aggregate research and development and selling, general and administrative expenses, excluding anticipated milestone obligations to PharmaEngine (non-GAAP measure) |
$ |
225,000 |
$ |
245,000 |
Lowered range of anticipated aggregate research and development and selling, general and administrative expenses (GAAP measure) |
$ |
243,500 |
$ |
263,500 |
Less: expenses related to one-time anticipated milestone obligations to PharmaEngine |
(38,500) |
(38,500) | ||
Lowered range of anticipated aggregate research and development and selling, general and administrative expenses, excluding anticipated milestone obligations to PharmaEngine (non-GAAP measure) |
$ |
205,000 |
$ |
225,000 |
CONTACT:
Investor Contact:
Geoffrey M. Grande, CFA
617-441-7602
ggrande@merrimack.com
Media Contact:
Marianne McMorrow
774-776-1478
mmcmorrow@merrimack.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/merrimack-reports-second-quarter-2016-financial-results-300309438.html
SOURCE Merrimack Pharmaceuticals, Inc.
Copyright 2016 PR Newswire
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