Trial flop prompts major overhaul at Merrimack
Shares in West Coast, USA-based Merrimack Pharmaceuticals (Nasdaq: MACK) have dipped around 5% after the firm mixed bad clinical news and an extensive corporate restructuring program into its quarterly results statement.
The firm previously announced negative results from an interim analysis of its Phase II SHERLOC study of MM-121 (seribantumab) in non-small cell lung cancer, stripping a fifth from the value of its stock.
Merrimack now says it is discontinuing development of all ongoing MM-121 programs, including the SHERBOC study, a companion Phase II clinical trial evaluating MM-121 in metastatic breast cancer.
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