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Merrimack Pharmaceuticals, Inc. (MACK) saw its loss narrow to $29.69 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $38.47 million, or $0.33 a share. Operating loss for the quarter was $27.24 million, compared with an operating loss of $34.45 million in the previous year period.
"The first quarter of 2017 was transformative for Merrimack. Following our pipeline prioritization and the strategic review of our business, we emerged with clear priorities as a refocused research and clinical development company. We outlined three programs " MM-121, MM-141 and MM-310" as the most promising clinical programs on which we will focus our development efforts going forward," said Richard Peters, M.D., Ph.D., president and chief executive officer. "Critical to this transition was the sale of assets to Ipsen, including ONIVYDE®, our first commercial product. The reduced operational costs and proceeds from the sale will pave our redefined path forward and allow us to pay down our debt, pay a special dividend to stockholders and fund our expected operations into the second half of 2019. As we look forward to the year ahead, we are confident that the significant potential of our programs in development, our strong cash position and our refined strategy will drive Merrimack’s long-term success."
Operating cash flow remains negative
Merrimack Pharmaceuticals, Inc. has spent $10.16 million cash to meet operating activities during the quarter as against cash outgo of $53.52 million in the last year period. The company has spent $0.29 million cash to meet investing activities during the quarter as against cash outgo of $85.49 million in the last year period.
Cash flow from financing activities was $6.08 million for the quarter, up 269.42 percent or $4.43 million, when compared with the last year period.
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