Merrimack raises $77 million for cancer therapeutics
Massachusetts-based Merrimack Pharmaceuticals, a biopharmaceutical company focused on the discovery and development of treatments for cancer, has raised $77 million in a Series G private financing with participation by new and existing investors. Proceeds from the financing will be used to advance the company’s pipeline cancer therapeutics, according to Fierce Biotech.
Some of the company’s most advanced product candidates are MM-398, a nanoliposomal formulation of irinotecan, currently in three phase II trials, MM-121, an ErbB3 antagonist, currently in four phase I/II trials, and MM-111, a bispecific antibody targeting ErbB2/ErbB3, currently in three phase 1/II trials.
"Over the last 10 years, our investors have been a critical force to help us build a biopharmaceutical company based on a systems approach to drug discovery and development," said Robert Mulroy, president and chief executive officer. "We are excited to add more quality investors who are aligned with our vision to create transformative medicines and diagnostics to benefit cancer patients everywhere."