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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.20% | 15.00 | 15.00 | 15.25 | 15.03 | 14.995 | 15.02 | 187,592 | 01:00:00 |
CAMBRIDGE, Mass., Aug. 9, 2017 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. (NASDAQ: MACK) today announced its second quarter 2017 financial results for the period ended June 30, 2017.
"This quarter's progress, with key hires to the executive team and advancements in the clinic, has reinforced Merrimack's refined corporate and clinical strategy. With a rich, biomarker-driven R&D pipeline, including data expected in 2018 for each of our lead assets – MM-121, MM-141 and MM-310 – and promising preclinical programs, we are well positioned to execute on our goals," said Richard Peters, M.D., Ph.D., President and Chief Executive Officer.
Second Quarter and Recent Highlights
Key events from the second quarter and more recently include:
Upcoming Milestones
Merrimack anticipates the following upcoming clinical milestones:
Second Quarter 2017 Financial Results
The following summarizes Merrimack's financial results for the three months ended June 30, 2017:
Financial Outlook
Merrimack continues to believe that its unrestricted cash and cash equivalents of $135.5 million as of June 30, 2017, together with the potential net milestone payments anticipated from Shire, will be sufficient to fund its planned operations into the second half of 2019.
Conference Call and Webcast
Merrimack will host a live conference call and webcast today, Wednesday, August 9, 2017 at 8:30 am ET, to provide an update on its operational progress and a summary of these 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 56140335. 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.
Upcoming Investor Conferences
Merrimack will attend the following investor conference:
A live webcast of the presentation 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 biopharmaceutical company based in Cambridge, Massachusetts that is outthinking cancer to ensure that patients and their families live fulfilling lives. Its mission is to transform cancer care through the smart design and development of targeted solutions based on a deep understanding of cancer pathways and biological markers. All of Merrimack's product candidates, including three in clinical studies and several others in preclinical development, fit into its strategy of 1) understanding the biological problems it is trying to solve, 2) designing specific solutions and 3) developing those solutions for biomarker-selected patients. This three-pronged strategy seeks to ensure optimal patient outcomes. For more information, please visit Merrimack's website at www.merrimack.com.
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, the initiation of new clinical trials, the anticipated achievement of milestones and the availability of funding sufficient to fund Merrimack's operations. 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 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 10, 2017 and the other reports Merrimack files with the SEC.
Merrimack Pharmaceuticals, Inc. | ||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
(in thousands, except per share amounts) |
2017 |
2016 |
2017 |
2016 |
||||||||||||
Costs and expenses: |
||||||||||||||||
Research and development expenses |
$ |
19,751 |
$ |
27,695 |
$ |
41,356 |
$ |
55,697 |
||||||||
General and administrative expenses |
14,798 |
8,138 |
20,432 |
14,590 |
||||||||||||
Total costs and expenses |
34,549 |
35,833 |
61,788 |
70,287 |
||||||||||||
Loss from continuing operations |
(34,549) |
(35,833) |
(61,788) |
(70,287) |
||||||||||||
Other income and expenses: |
||||||||||||||||
Interest income |
382 |
122 |
396 |
194 |
||||||||||||
Interest expense |
(26,762) |
(15,858) |
(28,741) |
(19,148) |
||||||||||||
Gain on sale of asset |
1,703 |
— |
1,703 |
— |
||||||||||||
Other expense, net |
(659) |
(64) |
(661) |
(107) |
||||||||||||
Net loss from continuing operations before income tax benefit |
(59,885) |
(51,633) |
(89,091) |
(89,348) |
||||||||||||
Income tax benefit |
30,239 |
— |
30,239 |
— |
||||||||||||
Net loss from continuing operations |
(29,646) |
(51,633) |
(58,852) |
(89,348) |
||||||||||||
Discontinued operations: |
||||||||||||||||
Income (loss) from discontinued operations, net of tax |
540,485 |
675 |
539,538 |
(268) |
||||||||||||
Net income (loss) |
510,839 |
(50,958) |
480,686 |
(89,616) |
||||||||||||
Net loss attributable to non-controlling interest |
(724) |
(208) |
(1,191) |
(393) |
||||||||||||
Net income (loss) attributable to Merrimack Pharmaceuticals, Inc. |
$ |
511,563 |
$ |
(50,750) |
$ |
481,877 |
$ |
(89,223) |
||||||||
Other comprehensive income (loss): |
||||||||||||||||
Unrealized gain on available-for-sale securities |
— |
15 |
— |
1 |
||||||||||||
Other comprehensive loss |
— |
15 |
— |
1 |
||||||||||||
Comprehensive income (loss) |
$ |
511,563 |
$ |
(50,735) |
$ |
481,877 |
$ |
(89,222) |
||||||||
Amounts attributable to Merrimack Pharmaceuticals, Inc.: |
||||||||||||||||
Net loss from continuing operations |
$ |
(28,922) |
$ |
(51,425) |
$ |
(57,661) |
$ |
(88,955) |
||||||||
Income (loss) from discontinued operations, net of tax |
540,485 |
675 |
539,538 |
(268) |
||||||||||||
Net income (loss) attributable to Merrimack Pharmaceuticals, Inc. |
$ |
511,563 |
$ |
(50,750) |
$ |
481,877 |
$ |
(89,223) |
||||||||
Basic and dilutive net income (loss) per common share |
||||||||||||||||
Net loss from continuing operations |
$ |
(0.22) |
$ |
(0.41) |
$ |
(0.44) |
$ |
(0.74) |
||||||||
Net income (loss) from discontinued operations, net of tax |
4.08 |
0.01 |
4.10 |
(0.00) |
||||||||||||
Net income (loss) per share |
$ |
3.86 |
$ |
(0.40) |
$ |
3.66 |
$ |
(0.74) |
||||||||
Weighted-average common shares used per share calculations—basic and diluted |
132,457 |
126,161 |
131,528 |
121,112 |
||||||||||||
Cash dividend paid per common share |
$ |
1.055 |
$ |
— |
$ |
1.055 |
$ |
— |
Merrimack Pharmaceuticals, Inc. | |||||||||||||
June 30, |
December 31, |
||||||||||||
(in thousands) |
2017(1) |
2016(1) |
|||||||||||
Cash and cash equivalents |
$ |
135,501 |
$ |
21,524 |
|||||||||
Working capital |
83,826 |
(30,787) |
|||||||||||
Total assets |
213,450 |
81,483 |
|||||||||||
Total liabilities |
108,973 |
334,142 |
|||||||||||
Total stockholders' equity / (deficit) |
106,508 |
(251,120) |
|||||||||||
(1) The 2016 amounts in the above include assets and liabilities held for sale. |
Merrimack Pharmaceuticals, Inc. | |||||||||||||
Six Months Ended June 30, |
|||||||||||||
(in thousands) |
2017(1) |
2016(1) |
|||||||||||
Net cash used in operating activities |
$ |
(95,510) |
$ |
(104,426) |
|||||||||
Net cash provided by (used in) investing activities |
515,809 |
(63,312) |
|||||||||||
Net cash provided by (used in) financing activities |
(306,322) |
3,623 |
|||||||||||
Net increase (decrease) in cash and cash equivalents |
$ |
113,977 |
$ |
(164,115) |
|||||||||
(1) The amounts in the above include cash flow from discontinued operations. |
CONTACT:
Geoffrey M. Grande, CFA
617-441-7602
ggrande@merrimack.com
View original content:http://www.prnewswire.com/news-releases/merrimack-reports-second-quarter-2017-financial-results-300501766.html
SOURCE Merrimack Pharmaceuticals, Inc.
Copyright 2017 PR Newswire
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