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Merrimack Reports First Quarter 2016 Financial Results

CAMBRIDGE, Mass., May 2, 2016 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. MACK, +2.82% today announced its first quarter 2016 financial results. Merrimack will host a live conference call and webcast today, Monday, May 2 at 4:30 p.m., Eastern time, to provide an update on Merrimack's progress as well as a summary of these 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 90717802. 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.

ONIVYDE® (irinotecan liposome injection) Update

  • Merrimack received approval for ONIVYDE from the U.S. Food and Drug Administration on October 22, 2015 and launched ONIVYDE in the United States on October 26, 2015;
  • In March 2016, the ONIVYDE regimen was added to the National Comprehensive Cancer Network (NCCN) 2016 Clinical Practice Guidelines in Oncology as a Category 1 Treatment Option for patients with metastatic pancreatic adenocarcinoma who have previously been treated with gemcitabine-based therapy; and
  • Gross product revenues from U.S. commercial sales of ONIVYDE for the first quarter of 2016 were $11.3 million, while net product revenues were $10.0 million.

Key Recent Events

Merrimack's key recent events include:

  • Completion of the safety portion and transition to part two of the Phase 2 clinical study of MM-141 in patients with front-line metastatic pancreatic cancer;
  • Unveiling of Merrimack's latest antibody directed nanotherapeutic (ADN), MM-310, and presentation of clinical and preclinical research demonstrating advances across Merrimack's extensive oncology pipeline, including ONIVYDE, MM-302, MM-310, MM-141 and MM-151, at the 2016 American Association for Cancer Research (AACR) Annual Meeting; and
  • Announcement of a strategic partnership with Leica Biosystems to develop Merrimack's novel heregulin assay for seribantumab (MM-121) into a kit for commercial use.

Upcoming Milestones

Merrimack anticipates the following upcoming clinical milestones:

  • Results in 2017 from the Phase 2 clinical study of ONIVYDE in previously untreated front-line metastatic pancreatic cancer;
  • Results in 2017 from HERMIONE, the Phase 2 clinical study of MM-302 in patients with HER2-positive metastatic breast cancer that is designed to support a potential Accelerated Approval application to the FDA;
  • Results in 2018 from the Phase 2 clinical study of MM-141 in patients with front-line metastatic pancreatic cancer who have high serum levels of free IGF-1; and
  • Results in 2018 from the Phase 2 clinical study of MM-121 in patients with heregulin-positive, locally advanced or metastatic non-small cell lung cancer that is designed to support a potential Biologics License Application to the FDA.

First Quarter 2016 Financial Results

The following summarizes Merrimack's financial results from the quarter ended March 31, 2016:

  • Product revenues from the commercial sale of ONIVYDE, net of discounts, allowances and reserves, were $10.0 million for the first quarter of 2016, compared to $4.3 million for the fourth quarter of 2015. This represents an increase of $5.7 million, or 133%, over the prior quarter;
  • License and collaboration revenues were $11.3 million for the first quarter of 2016, compared to $17.1 million for the fourth quarter of 2015. This represents a decrease of $5.8 million from the prior quarter. This revenue was recognized under the proportional performance revenue recognition model, and the decrease is due to the timing of work performed under Merrimack's Baxalta collaboration;
  • Aggregate research and development and selling, general and administrative expenses were $50.7 million for the first quarter of 2016, compared to $64.1 million for the...

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