Existing and new investors participated in the financing including Credit Suisse First Boston Next Fund, Crocker Ventures, HNI Holdings, funds advised by Noonday Asset Management, TPG-Axon Capital and WT Investment Advisors Fund.
Proceeds from the financing 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 currently in a Phase II study in rheumatoid arthritis and a pilot study in patients with autoimmune uveitis. Results from the two studies are expected later in 2008.
Robert Mulroy, president and CEO of Merrimack, said: “This financing provides us with the strategic resources to advance our lead programs while further validating the discovery and development efforts generated out of our Network Biology platform.”