Merrimack Pharmaceuticals Raises $60 Million in Private Financing
Existing and new investors participated in the financing including CreditSuisse First Boston Next Fund, Inc., Crocker Ventures, HNI Holdings, Limited,funds advised by Noonday Asset Management, L.P., TPG-Axon Capital, and WTInvestment Advisors Fund LP.
Proceeds from the financing will be used to advance Merrimack'sproprietary pipeline of biologic therapies targeting autoimmune disease andcancer. The Company's lead product, MM-093, is currently in a Phase 2 studyin rheumatoid arthritis and a pilot study in patients with autoimmune uveitis.Results from the two studies are expected later this year.
MM-121, the Company's second product and the industry's first NetworkBiology derived therapeutic, is expected to enter Phase 1 trials later thisyear. The Company is also advancing a set of innovative, antibody therapiestargeting solid tumors through pre-clinical studies and plans to file an INDon its third product in early 2009.
"Our goal is to continue building shareholder value by advancing a robustpipeline and by investing in our early stage programs," said Mr. RobertMulroy, President & CEO. "This financing provides us with the strategicresources to advance our lead programs while further validating the discoveryand development efforts generated out of our Network Biology platform."
Merrimack Pharmaceuticals, Inc., is a biotechnology company focused on thediscovery, design and development of novel treatments for diseases in theareas of autoimmunity and cancer. Its lead compound, MM-093, is currently inclinical development to treat patients with rheumatoid arthritis or withautoimmune uveitis. MM-093 is an investigational drug and has not beenapproved by the U.S. Food and Drug Administration or any internationalregulatory agency. The company's proprietary Network Biology discoveryplatform, developed with the help of leading scientists from MIT and Harvard,enables the high throughput profiling of protein networks as a basis forimproved validation, lead identification and speed in the development ofinnovative and effective therapeutics. Merrimack is a privately-held companybased in Cambridge, Massachusetts. For additional information, please visithttp://www.merrimackpharma.com.
Contact: Kathleen Petrozzelli, Senior Manager, Corporate Communications,617-441-1043
SOURCE Merrimack Pharmaceuticals, Inc.
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