PR Newswire
CAMBRIDGE, Mass., May 2, 2016
CAMBRIDGE, Mass., May 2, 2016 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) today announced its first quarter 2016 financial results. Merrimack will host a live conference call and webcast today, Monday, May 2 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 90717802. 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
Key Recent Events
Merrimack's key recent events include:
Upcoming Milestones
Merrimack anticipates the following upcoming clinical milestones:
First Quarter 2016 Financial Results
The following summarizes Merrimack's financial results from the quarter ended March 31, 2016:
2016 Financial Outlook
Merrimack reiterates the following fiscal 2016 guidance:
Merrimack 2016 Analyst Day
Merrimack will host an Analyst Day on May 19, 2016 in New York for analysts and institutional investors, where it will provide an update on Merrimack's pipeline, including the development plan for ONIVYDE. In attendance will be key members of Merrimack's science and clinical teams, as well as featured guest speaker Charles Fuchs, M.D., M.P.H., of Dana-Farber Cancer Institute, who will speak on the gastrointestinal cancer space.
A live webcast of the event will be available in the Investors section of Merrimack's website, investors.merrimack.com, and a replay of the webcast will be archived there for six weeks.
Upcoming Investor Conferences
Merrimack will attend the following investor conferences in the coming months:
A live webcast of the presentation at the Deutsche Bank Securities 41st Annual 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, expectations regarding potential cash inflows, revenue and expenses, potential registration opportunities 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 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 26, 2016 and other reports Merrimack files with the SEC.
Merrimack Pharmaceuticals, Inc. |
||||
Condensed Consolidated Statements of Operations and |
||||
Three Months Ended | ||||
March 31, |
December 31 | |||
(in thousands, except per share amounts) |
2016 |
2015 | ||
Revenues: |
||||
Product revenues, net |
$ |
9,968 |
$ |
4,328 |
License and collaboration revenues |
11,313 |
17,090 | ||
Total revenues |
21,281 |
21,418 | ||
Costs and expenses: |
||||
Cost of product revenues |
711 |
46 | ||
Research and development expenses |
32,882 |
44,740 | ||
Selling, general and administrative expenses |
17,795 |
19,335 | ||
Total costs and expenses |
51,388 |
64,121 | ||
Loss from operations |
(30,107) |
(42,703) | ||
Other income and expense, net |
(8,551) |
(5,365) | ||
Net loss |
(38,658) |
(48,068) | ||
Net loss attributable to non-controlling interest |
(185) |
(242) | ||
Net loss attributable to Merrimack |
$ |
(38,473) |
$ |
(47,826) |
Other comprehensive loss |
(14) |
− | ||
Comprehensive loss |
$ |
(38,487) |
$ |
(47,826) |
Net loss per share available to stockholders - basic and diluted |
$ |
(0.33) |
$ |
(0.41) |
Weighted-average common shares used in computing net loss per share available to common stockholders - basic and diluted |
116,064 |
115,595 |
Merrimack Pharmaceuticals, Inc. |
||||
Selected Balance Sheet Data (unaudited) |
||||
As of |
As of | |||
March 31, |
December 31, | |||
(in thousands) |
2016 |
2015 | ||
Cash, cash equivalents and marketable securities |
$ |
132,390 |
$ |
185,606 |
Working capital |
63,318 |
97,648 | ||
Total assets |
192,932 |
234,880 | ||
Total liabilities |
410,075 |
418,569 | ||
Total stockholders' deficit |
(217,197) |
(183,928) | ||
Merrimack Pharmaceuticals, Inc. |
||||
Selected Cash Flow Data (unaudited) |
||||
Three Months Ended | ||||
(in thousands) |
March 31, 2016 |
December 31, 2015 | ||
Net cash used in operating activities |
$ |
(53,523) |
$ |
(3,308) |
Net cash (used in) provided by investing activities |
(85,491) |
1,338 | ||
Net cash provided by financing activities |
1,645 |
131,226 | ||
Net (decrease) increase in cash and cash equivalents |
$ |
(137,369) |
$ |
129,256 |
CONTACT:
Investor Contact:
Geoffrey M. Grande, CFA
617-441-7602
[email protected]
Media Contact:
Marianne McMorrow
774-776-1478
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/merrimack-reports-first-quarter-2016-financial-results-300260997.html
SOURCE Merrimack Pharmaceuticals, Inc.
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