Merrimack Pharmaceuticals Inc (NASDAQ:MACK) Reports Encouraging Developments

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In its most recent corporate update, Merrimack Pharmaceuticals Inc (NASDAQ:MACK) and Baxalta Inc (NYSE:BXLT) noted that the Lancet, a prestigious general medical journals, has published NAPOLI-1 data in its issue.

NAPOLI data published

Both the companies consider the publication of the data as a significant development, which will highlight the efficacy and safety of its treatment to the physicians. The companies noted that its NAPOLI data showed significant improvement in survival ratio of the patients of metastatic pancreatic adenocarcinoma, who have received gemcitabine therapy earlier.

The published article in the Lancet focused that ONIVYDE (irinotecan liposome injection) when combined with fluorouracil and leucovorin, extended the median survival rate of patients to six months, signifying a 45% increase. Further, the therapy represents a new treatment option for the patients with metastatic pancreatic adenocarcinoma. The data in itself serves as a remarkable progress for both the companies.

Better-than-expected results

Apart from this development, Merrimack Pharmaceuticals Inc (NASDAQ:MACK) was able to deliver the earnings over and above the analysts’ estimates. The company reported a narrower-than-expected earnings loss of ($0.38) per share in its third quarter. The posted earnings came lower than the expected loss of $0.41 per share by the analysts.

The company’s terminated agreement with Sanofi SA (ADR) (NYSE:SNY) last year resulted into a 41.3% lower collaboration revenues of $16.4 million. However, the number still surpassed the Zacks research firms’ estimate of $13 million revenues. The company stated that it anticipates net receipts to the tune of $46.5 million in 2016, resulting from its agreement with Baxalta. Also, the company projects to receive a sum of $47.5 million as part of a milestone payment in Q4 2015 from Baxalta towards initiation of patient enrolment.

The stock of Merrimack Pharmaceuticals Inc (NASDAQ:MACK) traded down by 2.76% to $9.15 during the previous day’s session.

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