IPO price: $7
Oct. 23 close: $6.56
Merrimack (a 2011 Fierce 15 company) raised $98 million in the cancer drug developer's public debut completed in April, settling for an IPO price of $7 that fell below its $11 to $13 range. The stock ($MACK) has been hovering around the initial price yet its pipeline offers plenty of events prompt movement.
This year the company expanded the Phase III program for its most advanced candidate, a nanomedicine dubbed MM-398, with an additional arm in its late-stage study as a second-line treatment for pancreatic cancer. The company added the arm, which will test a combo of Merrimack's nano-encapsulated version of irinotecan with 5-fluorouracil (5-FU) and leucovorin in pursuit of a broader label for its therapy.
Yet one of the most active programs in the company's pipeline focuses on the anti-cancer antibody MM-121, partnered with Sanofi ($SNY) and in mid-stage development for breast, ovarian and lung cancers. Merrimack showed some upbeat data from early-stage trials involving of MM-121 and MM-111 at ESMO 2012 this month.
According to the company's guidance, we can expect more key events in its pipeline of cancer candidates over the next year or so, including the launch of Phase I studies for its IGF signaling inhibitor, MM-141, and MM-DX-929, an imaging diagnostic.
Special Report: Merrimack Pharmaceuticals - 2011 Fierce 15
Merrimack Pharma stumbles out of the IPO gate