Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) shares declined by 28.04%

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Dallas, Texas 07/12/2013 (Financialstrend) – Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) announced that it will offer $50 million of its stock and $75 million in total principal amount of its exchangeable senior notes due 2020 in accordance with underwritten public offerings. The underwriters will be provided with an option to buy up over and above $7.5 million of the company’s stock and $11.25 million in total principal amount of the notes, which could be exercised for a period of 30 days. The interest rate, conversion rate, conversion price and various terms of the notes delivered in the offering will be determined from the underwriters in accordance with the market conditions. The company seeks approval from the FDA for MM-398, developed to cure patients with metastatic pancreatic cancer. The company is developing innovative medicines for the treatment of cancer. Bank of America, Merrill Lynch and J. P. Morgan Securities LLC have shared the responsibilities of book-running managers for the proposed offerings.  Cowen and Company, LLC is functioning as lead manager of the proposed stock offering and co-manager of the notes offering. The company’s market cap is $542.9 million. MM-398, MM-121, MM-111, MM-302 and MM-151 are the company’s product candidates.

Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) closed at $5.03 on Thursday, recording a decline of 28.04% in the share price for the day. The stock price fluctuated from a low value of $4.98 to a high one of $6.29 per share. The company currently has a 52-week low of $4.06 and a 52-week high of $11.11 per share. MACK currently has 96.09 million outstanding shares in the market with institutional ownership of 42% of its total equity capital. Trading volume amounted to 6.42 million shares on Thursday, with an average one for MACK at 837,954 shares per day.