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News and Information Article
- Funds will be used to advance late stage therapeutic candidate and
accelerate early stage pipeline
CAMBRIDGE, Mass., April 3 // -- Merrimack Pharmaceuticals, Inc.,
a biotechnology company focused on the discovery and development of novel
treatments for autoimmune disease and cancer, today announced that it has
raised $65 million in a Series E private equity financing.
Participants in the financing included new investors Jennison Associates,
Modal Capital (an affiliate of Credit Suisse), funds advised by Noonday Asset
Management, L.P., TPG-Axon Capital, and others. Merrimacks existing
investors, including Sorenson Development and WT Investment Advisors Fund LLP,
also participated.
Proceeds from the funding will be used to advance Merrimacks proprietary
pipeline of biologic therapies targeting autoimmune disease and cancer. The
Companys lead product, MM-093, is a novel treatment for autoimmune disease,
including rheumatoid arthritis, psoriasis and multiple sclerosis. MM-093 is
currently in a Phase 2b dose ranging study in rheumatoid arthritis and a phase
2a pilot study in psoriasis. Results from the two studies are expected later
this year. The Company is also advancing an innovative set of antibody
therapies targeting solid tumors in ongoing pre-clinical studies and plans to
submit the first of multiple INDs in 2007.
"We are pleased to welcome new investors of the highest caliber who share
our vision to build an enduring company," said Mr. Robert Mulroy, President &
CEO. "This financing has provided us with the strategic resources to advance
and expand our clinical programs while validating our discovery and
development efforts founded on our Network Biology platform."
Credit Suisse Securities (USA), LLC advised the Company on the private
placement financing.
About Merrimack
Merrimack Pharmaceuticals, Inc. is a biotechnology company focused on the
discovery and development of novel treatments for diseases in the areas of
autoimmune disease and cancer. Its lead compound, MM-093, is currently in
clinical development to treat patients with rheumatoid arthritis or with
psoriasis. MM-093 is an investigational drug and has not been approved by the
U.S. Food and Drug Administration or any international regulatory agency. The
companys proprietary Network Biology discovery platform, developed with the
help of leading scientists from MIT and Harvard, enables the high throughput
profiling of protein networks as a basis for improved validation, lead
identification and speed in the development of innovative, effective and safe
therapeutics. Merrimack is a privately held company based in Cambridge,
Massachusetts. For additional information, please visit
http://www.merrimackpharma.com.
Contact:
James S. Scibetta, Executive VP & CFO
617-441-1043
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