By Lisa Kerner
Erie, Pa., April 3 - Merrimack Pharmaceuticals, Inc. said it has raised $65 million in a series E private equity financing.
Proceeds from the funding will be used to advance the company's proprietary pipeline of biologic therapies targeting autoimmune disease and cancer.
Participants in the financing were new investors Jennison Associates, Modal Capital (an affiliate of Credit Suisse), funds advised by Noonday Asset Management, LP, TPG-Axon Capital, and others. Merrimack's existing investors, including Sorenson Development and WT Investment Advisors Fund LLP, also participated.
"We are pleased to welcome new investors of the highest caliber who share our vision to build an enduring company," president and chief executive officer Robert Mulroy said in a news release.
"This financing has provided us with the strategic resources to advance and expand our clinical programs while validating our discovery and development efforts founded on our Network Biology platform."
Located in Cambridge, Mass., Merrimack is focused on the discovery and development of novel treatments for diseases in the areas of autoimmune disease and cancer.
| Issuer: | Merrimack Pharmaceuticals, Inc.
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| Issue: | Series E private equity financing
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| Amount: | $65 million
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| Investors: | Jennison Associates, Modal Capital (an affiliate of Credit Suisse), Noonday Asset Management, LP, TPG-Axon Capital, Sorenson Development, WT Investment Advisors Fund LLP
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| Announcement date: | April 3
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