Seeking Alpha

Merrimack rallies after providing Q3 results, operational update

  • Merrimack Pharmaceuticals (MACK +17.6%) jumps after providing an update on its development program along with Q3 results.
  • NAPOLI-1 (MM-398 in advanced pancreatic cancer) top-line data now expected in Q2 2014 versus Q4 2013/Q1 2014. MACK says a "blinded assessment of OS events across the entire trial ... are occurring later than forecasted."
  • Confirmed: MM-121 Phase 2 in wild-type EGFR non-small cell lung cancer did not meet primary endpoint.
  • Upcoming in Q4: Top-line data for MM-121 in second line hormone receptor positive breast cancer, neoadjuvant HER2 negative breast cancer; presentation of MM-302 Phase 1 in December.
  • Financials: Q3 net loss of $0.39 versus consensus of a $0.31 loss.
  • Cash and equivalents along with interest income and funding from the Sanofi collaboration expected "to be sufficient to fund operations into 2015." (PR)
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