Toxic Filings

[sludgehound]

MACK down on stk offers & convert senior notes.

10am down at close and AH
Shares of Merrimack Pharmaceuticals (NASDAQ: MACK) were down 14.09 percent to $6.01 after the company announced proposed concurrent public offerings of common stock and convertible senior notes.

4:15pm
Merrimack Pharmaceuticals (NASDAQ: MACK) fell 28 percent on the session after the company announced that it plans to offer $50 million in stock and $75 million in convertible senior notes.

Restoration Hardware (NYSE: RH) fell around 5 percent after the company announced that selling stockholders are offering 12 million shares.
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Last Night AC and Ben B talking. Might be a bounce if dips further to $4.50 which often is the shake on these pharms when oversold. Sell at $4 to avoid $2. Target back to prior recent high $7. High risk in light of monster volume & percent decline. Not unlike ISRG. lol.

Merrimack Announces Proposed Concurrent Public Offerings of Common Stock and Convertible Senior Notes
4:04p ET July 10, 2013 (Benzinga)

Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) today announced its intention to offer, subject to market and other conditions, $50 million of its common stock and $75 million in aggregate principal amount of its convertible senior notes due 2020 (the "Notes") in concurrent underwritten public offerings pursuant to Merrimack's effective Registration Statement on Form S-3 (File No. 333-186369) (the "Registration Statement").

Merrimack expects to grant the underwriters in the common stock offering an option, exercisable for 30 days, to purchase up to an additional $7.5 million of its common stock and to grant the underwriters in the Notes offering an option, exercisable for 30 days, to purchase up to an additional $11.25 million in aggregate principal amount of the Notes. The interest rate, conversion rate, conversion price and other terms of the Notes offered in the Notes offering and the public offering price of the shares of common stock offered in the common stock offering will be determined by negotiations between Merrimack and the underwriters in the respective offerings.

Merrimack expects to use the net proceeds from both offerings to complete the clinical development of, seek marketing approval for and fund pre-approval commercial efforts for MM-398 for the treatment of patients with metastatic pancreatic cancer whose cancer has progressed on treatment with the chemotherapy drug gemcitabine, to partially fund the clinical development of other clinical stage product candidates (including MM-398 for indications other than pancreatic cancer), to fund pre-clinical and research and development efforts and for other general corporate purposes.