CAMBRIDGE, Mass., April 3 /PRNewswire/ -- 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. Merrimack’s existing investors, including Sorenson Development and WT Investment Advisors Fund LLP, also participated.
Proceeds from the funding will be used to advance Merrimack’s proprietary pipeline of biologic therapies targeting autoimmune disease and cancer. The Company’s 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 company’s 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
Merrimack Pharmaceuticals, Inc.
CONTACT: James S. Scibetta, Executive VP & CFO of MerrimackPharmaceuticals, Inc., +1-617-441-1043
Web site: http://www.merrimackpharma.com//
