Replies to post #26626 on Biotech Values

[urche]

Merrimack/GTCB

Thanks for the Merrimack news, Dew.
I think this round of private financing is probably indirect good news for GTCB.

Proceeds from the funding will be used to advance Merrimack's proprietary pipeline of biologic therapies targeting autoimmune disease and cancer. The Company's lead product, MM-093, is a novel treatment for autoimmune disease, including rheumatoid arthritis, psoriasis and multiple sclerosis. MM-093 is currently in a Phase 2b dose ranging study in rheumatoid arthritis and a phase 2a pilot study in psoriasis. Results from the two studies are expected later this year.

One would assume these investors have been informed of the results of MM-093 studies in RA that were completed I think last fall. Being a private company has advantages in that material events such as this need not be disclosed to competitors. It doesn't seem to be a stretch to assume GTCB is going to be asked to supply more alphafetoprotein.

urche

[DewDiligence]

GTCB
Merrimack Pharmaceuticals Completes Enrollment for Phase 2 Trial of MM-093 In Patients With Psoriasis

[This is the second development program for MM-093, a recombinant form of AFP derived from GTC’s transgenic goats. The lead MM-093 program, in RA, completed enrollment in a 130-patient phase-2b trial in late 2005 and will report data in mid 2006 (#msg-8163705). According to today’s PR, the MM-093 psoriasis program will report data this summer, so we will have reports from two clinical trials using GTC-sourced product within the next few months. Merrimack recently raised $65M from private investors to support these clinical programs (#msg-10485655.]

http://biz.yahoo.com/prnews/060419/nyw083.html?.v=45

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Wednesday April 19, 7:00 am ET

CAMBRIDGE, Mass., April 19 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. today announced the completion of enrollment of 27 patients into a Phase 2a study of the safety and efficacy of its immunomodulator, MM-093, in patients suffering from psoriasis. MM-093, Merrimack's lead product, is a recombinant version of human alpha-fetoprotein (AFP).

This study is a double-blind, placebo-controlled, randomized, outpatient clinical investigation in adult patients with moderate-to-severe chronic plaque psoriasis. Each patient receives double-blind treatment for 12 weeks, with a follow up period of 6 weeks after the last dose. The study is being conducted at the University of Utah, Salt Lake City, UT, with Dr. Gerald Krueger as the principle investigator and at the Texas Dermatology Research Institute in Dallas, TX with Dr. Alan Menter as the principle investigator.

"We are pleased that the enrollment for this Phase 2a study has been completed on schedule," said Robert Mulroy, President & CEO. "Results from this pilot study will be available in late summer this year. The development of MM-093 is focused on diseases such as rheumatoid arthritis, psoriasis, and multiple sclerosis -- indications for which published and proprietary pre- clinical data provide a compelling rationale for its use, and in which significant unmet medical needs still exist."

Contact: James S. Scibetta, Executive VP & CFO
617-441-1043

Merrimack Pharmaceuticals, Inc. is a privately held biotechnology company focused on the discovery and development of novel treatments for diseases in the areas of autoimmune disease and cancer. Its lead compound, MM-093, is currently in Phase 2 clinical development to treat patients with rheumatoid arthritis or with psoriasis. MM-093 is an investigational drug and has not been approved by the U.S. Food and Drug Administration or any international regulatory agency. The Company's proprietary Network Biology discovery platform, developed with the help of leading scientists from MIT and Harvard, enables the high throughput profiling of protein networks as a basis for improved validation, lead identification and speed in the development of innovative, effective and safe therapeutics. Merrimack is based in Cambridge, Massachusetts. For additional information, please visit www.merrimackpharma.com.
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[DewDiligence]

Merrimack Firms Up Manufacturing of MM-093

[GTCB produces the bulk AFP for Merrimack’s MM-093 in transgenic goats. Merrimack has now contracted with Cambrex for the downstream processing of MM-093. (Cambrex also does the downstream processing for GTCB’s ATryn.) Note that the Merrimack manufacturing exec quoted in this PR was hired just two weeks ago (#msg-10991690); Merrimack recently raised $65M, which no doubt helped with the additional staffing (#msg-10485655). In short, it looks like “all systems” for Merrimack’s MM-093 program. Important clinical results for this drug will be out this summer.]

http://biz.yahoo.com/prnews/060523/nytu174.html?.v=45

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Cambrex Manufacturing Merrimack Pharmaceuticals MM-093

Tuesday May 23, 3:05 pm ET

Transgenic Experience Brings in New Project

EAST RUTHERFORD, N.J., May 23 /PRNewswire-FirstCall/ -- Cambrex Corporation (NYSE: CBM ) is pleased to announce that its subsidiary Cambrex Bio Science Hopkinton, Inc. has entered a contract for the production of clinical trial quantities of Merrimack Pharmaceuticals' ("Merrimack") lead product MM-093, a recombinant version of human alpha-fetoprotein (hAFP). The material is expected to be used in Merrimack's ongoing research to assess the potential of MM-093 to treat multiple autoimmune diseases, including rheumatoid arthritis, multiple sclerosis, psoriasis and others.

Merrimack Pharmaceuticals is currently conducting Phase 2 trials of MM-093 in patients with rheumatoid arthritis or with psoriasis. MM-093 is a recombinant version of hAFP; an immunomodulatory serum protein normally produced at very high levels by a fetus but present in lower levels in the blood of adults and children. The presence of hAFP in a pregnant mother's blood has long been associated with remission of many autoimmune diseases, including rheumatoid arthritis, psoriasis and multiple sclerosis during the third trimester of pregnancy.

Cambrex has completed several batches of MM-093 and is in the process of completing the production run. Cambrex is a leading contract manufacturer in North America with extensive experience in the downstream purification of proteins expressed in goat milk.

"We believe that the quality manufacturing expertise that Cambrex offers will help us to efficiently and effectively move our lead product, MM-093, to commercialization," said Fazal Khan, Vice President of Manufacturing at Merrimack Pharmaceuticals [#msg-10991690].

"Our experience with the purification of proteins from transgenic milk was certainly an advantage in successfully manufacturing Merrimack's MM-093," commented Anthony Rotunno, Vice President and General Manager, Cambrex Bio Science Hopkinton, Inc. "We were honored that Merrimack placed the cGMP manufacture of their lead product in our hands as they progress MM-093 into future clinical trials."

About Merrimack Pharmaceuticals, Inc.

Merrimack Pharmaceuticals, Inc. is a biotechnology company focused on the discovery and development of novel treatments for diseases in the areas of autoimmune disease and cancer. Its lead compound, MM-093, is currently in clinical development to treat patients with rheumatoid arthritis or with psoriasis. MM-093 is an investigational drug and has not been approved by the U.S. Food and Drug Administration or any international regulatory agency. The Company's proprietary Network Biology discovery platform, developed in concert with leading scientists from MIT and Harvard, enables the high throughput profiling of protein networks as a basis for improved validation, lead identification and speed in the development of innovative, effective and safe therapeutics. For additional information, please visit http://www.merrimackpharma.com.

About Cambrex

Cambrex is a global, diversified life sciences company dedicated to providing products and services to accelerate and improve the discovery and commercialization of human therapeutics. The Company employs approximately 2000 worldwide. For more information, please visit http://www.cambrex.com.
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[DewDiligence]

GTCB Partner Merrimack Triples Workspace
and Moves to Showplace Building Near MIT

[They must be pretty darn confident and the $65M they raised in April doesn’t hurt (#msg-10485655). Thanks to ‘notsoconfused’ on the GTCB ymb for this find.]

http://www.globest.com/news/599_599/boston/146730-1.html

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Pharmaceutical Firm Takes 32,000 SF

June 20, 2006
By Beverly Ford

CAMBRIDGE, MA-A growing pharmaceutical firm will nearly triple in size when it relocates its headquarters and research labs into 32,000 sf of space at One Kendall Square. [For those who don’t know their square feet, 32K-sf is about the size of a typical, older Whole Foods market.] Merrimack Pharmaceuticals Inc. will move into the 234,631-sf, five-story, two building office and lab complex this month.

The firm is expanding from about 12,000 sf it occupied in its Binny Street offices. The move expands the firm’s headquarters and consolidates its two other Cambridge locations.

“They wanted to stay in Cambridge and the location, public transportation and an area rich in amenities was important to them,” James L. Elcock with Meredith & Grew’s Boston office, tells GlobeSt.com. Also appealing was the company’s ability to grow within the building, which it can do at its new location.

Terms of the long-term lease, which was negotiated for the tenant by Elcock along with colleague Joseph P. Flaherty were not disclosed but Elcock says similar space in the Cambridge area rents in the mid-$20s per-sf price range. The transaction was handled for owner the Beal Cos. in partnership with Rockwood Capital Corp., by Matthew P. George and Timothy Bianchi. Both are with Lincoln Property Co.
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