Merrimack Pharmaceuticals Inc (MACK) saw its loss narrow to $32.45 million, or $0.25 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $47.83 million, or $0.41 a share.
Revenue during the quarter surged 185.93 percent to $61.24 million from $21.42 million in the previous year period. Gross margin for the quarter contracted 520 basis points over the previous year period to 94.58 percent.
Operating loss for the quarter was $26.29 million, compared with an operating loss of $42.70 million in the previous year period.
Merrimack appointed Dr. Richard Peters as president and chief executive officer, effective February 6, 2017. Dr. Peters succeeded Gary Crocker, chairman of the board, who was serving as Interim president and chief executive officer prior to Dr. Peters’ appointment.
Operating cash flow remains negative
Merrimack Pharmaceuticals Inc has spent $170.24 million cash to meet operating activities during the year as against cash outgo of $105.36 million in the last year.
The company has spent $3.26 million cash to meet investing activities during the year as against cash inflow of $75.11 million in the last year.
Cash flow from financing activities was $9.42 million for the year, down 94.77 percent or $170.75 million, when compared with the last year.
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