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Classified in: Health, Science and technology, Business
Subjects: ERN, CCA, ERP

Merrimack Provides Business Update and Reports 2017 Financial Results


CAMBRIDGE, Mass., March 12, 2018 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK), a clinical-stage oncology company focused on biomarker-defined cancers, today announced its fourth quarter and full year 2017 financial results for the period ended December 31, 2017.

"2017 was a transformative year for Merrimack, in which we reset the company's foundation to focus on our ten wholly owned clinical and preclinical programs, all targeting biomarker-defined cancers. We are very pleased with the advancements we have made across our pipeline, including today's announcement to expand enrollment in the SHERLOC study, a randomized Phase 2 trial evaluating MM-121 in non-small cell lung cancer, and our recent dosing of the first patient in the SHERBOC study, a randomized Phase 2 trial evaluating MM-121 in post-menopausal metastatic breast cancer," said Richard Peters, M.D., Ph.D., President and Chief Executive Officer. "We are well-positioned to carry this momentum forward, with three clinical readouts expected in 2018, including randomized Phase 2 data from MM-141 and MM-121 and Phase 1 data from MM-310."

Fourth Quarter and Recent Highlights

Key events from the fourth quarter and more recently include:

Upcoming Milestones:

Merrimack anticipates the following upcoming clinical milestones:

Fourth Quarter and Full Year 2017 Financial Results

The following summarizes Merrimack's financial results for the three months and year ended December 31, 2017:

Financial Outlook

Merrimack continues to believe that its cash and cash equivalents of $93.4 million as of December 31, 2017 and 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, Monday, March 12, 2018 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 8074029. 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.

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 development programs, including four clinical studies and six candidates 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 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 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 SEC on November 8, 2017 and the other reports Merrimack files with the SEC.

 

Merrimack Pharmaceuticals, Inc.


Consolidated Statements of Operations and Comprehensive Income (Loss)




Years Ended December 31,


(in thousands, except per share amounts)


2017



2016



2015


Costs and expenses:













Research and development expenses


$

67,314



$

109,565



$

121,033


General and administrative expenses



28,452




32,052




24,048


Restructuring expenses



?




5,710




?


Total costs and expenses



95,766




147,327




145,081


Loss from continuing operations



(95,766)




(147,327)




(145,081)


Other income and expenses:













Interest income



895




276




99


Interest expense



(34,650)




(22,449)




(18,769)


Gain on deconsolidation of Silver Creek Pharmaceuticals, Inc.



10,848




?




?


Gain on sale of asset



1,703




?




?


Other (expense) income, net



(1,433)




(8)




917


Net loss from continuing operations before income tax benefit



(118,403)




(169,508)




(162,834)


Income tax benefit



42,399




13,224




11,215


Net loss from continuing operations



(76,004)




(156,284)




(151,619)


Discontinued operations:













Income from discontinued operations, net of tax



546,872




2,766




3,832















Net income (loss)



470,868




(153,518)




(147,787)


Net (loss) income attributable to non-controlling interest



(1,160)




(1,778)




170


Net income (loss) attributable to Merrimack Pharmaceuticals, Inc.


$

472,028



$

(151,740)



$

(147,957)


Other comprehensive income:













Unrealized gain on available-for-sale securities



?




?




74


Other comprehensive income



?




?




74


Comprehensive income (loss)


$

472,028



$

(151,740)



$

(147,883)















Amounts attributable to Merrimack Pharmaceuticals, Inc.:













Net loss from continuing operations


$

(74,844)



$

(154,506)



$

(151,789)


Income from discontinued operations, net of tax



546,872




2,766




3,832


Net income (loss) attributable to Merrimack Pharmaceuticals, Inc.


$

472,028



$

(151,740)



$

(147,957)


Basic and dilutive net income (loss) per common share













Net loss from continuing operations


$

(5.66)



$

(12.33)



$

(13.63)


Net income from discontinued operations, net of tax



41.33




0.22




0.34


Net income (loss) per share


$

35.67



$

(12.11)



$

(13.29)


Weighted-average common shares used per share calculations?basic and diluted



13,232




12,533




11,136


Cash dividend paid per common share


$

10.55



$

?



$

?




















 

 

Merrimack Pharmaceuticals, Inc.

Selected Balance Sheet Data (unaudited)




December 31,

(in thousands)


2017



2016



Cash and cash equivalents


$

93,441



$

21,524



Working capital


$

75,269



$

(30,787)



Total assets


$

117,326



$

81,483



Total liabilities


$

21,042



$

334,142



Total stockholders' equity (deficit)


$

96,284



$

(251,120)



 

 

Merrimack Pharmaceuticals, Inc.

Selected Cash Flow Data (unaudited)




Years Ended December 31,


(in thousands)


2017



2016



2015


Net cash used in operating activities


$

(145,935)



$

(170,241)



$

(105,356)


Net cash provided by (used in) investing activities



576,891




(3,257)




75,110


Net cash (used in) provided by financing activities



(359,039)




9,416




180,164


Net increase (decrease) in cash and cash equivalents


$

71,917



$

(164,082)



$

149,918


CONTACT:

Geoffrey M. Grande, CFA
617-441-7602
[email protected]

SOURCE Merrimack Pharmaceuticals, Inc.


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