Merrimack Pharmaceuticals Inc (NASDAQ:MACK) posted that it intends to initiate Phase II clinical trial of MM-121 in subjects with heregulin positive, hormone receptor positive and HER2 negative – metastatic breast cancer, in 2017.
It projects to issue top-line report from planned Phase II clinical trial of ‘MM-121’ as a treatment of non-small cell lung cancer in imminent year. Also, it plans to post top-line report from the ongoing Phase II clinical trial of ‘MM-141’ as a treatment of metastatic pancreatic cancer in imminent year.
In association with the close of the ONIVYDE sale and Merrimack’s basic form of doxorubicin hydrochloride liposome prescription to Ipsen last month, the commercial activities have been recorded in the statement as discontinued businesses. R&D costs stood at $21.6 million for the quarter concluded March 2017, against $28 million for the equivalent period closed March 2016, registering a drop of 23%. This decrease was mainly due to the switch to the improved clinical and preclinical pipeline.
Merrimack posted that G&A expenses stood at $5.6 million for the three-months closed March 2017, versus $6.5 million for the equivalent period closed March 2016, marking a decline of 14%. This decrease was due to lower headcount resulting from the restructuring activities noted in the fourth quarter of preceding year.
Net loss for Merrimack in the three-month closed March 2017 was $29.7 million, or $0.23/share, versus $38.5 million, or $0.33/share, for the three-month completed March 2016.
Last month, Merrimack registered upfront cash payment of $575 million from none other than Ipsen. The capital from this deal was utilized to redeem Senior Secured Notes due in 2022, and almost $20 million of costs connected with the redemption.
On Friday, the stock price of Merrimack gained more than 1% to close the week at $3.49. The market cap of firm now stands around $468 million.