$60 Million More for Merrimack Pharma
As if we needed more validation of the local biotech scene, Cambridge, MA-based Merrimack Pharmaceuticals announced today that it has raised $60 million in a Series F round of private equity financing.
This latest round follows a $65 million Series E financing announced in April 2006. The investors in today’s round include Credit Suisse First Boston Next Fund, Crocker Ventures, HNI Holdings, funds advised by Noonday Asset Management, TPG-Axon Capital, and WT Investment Advisors Fund.
Merrimack, which focuses on drug discovery and development of treatments for cancer and autoimmune disease, will use the proceeds to advance its pipeline of therapies, including its lead product, MM-093. The drug is currently in separate clinical trials for rheumatoid arthritis and autoimmune uveitis (results should be coming later this year). The company is also developing antibody therapies for tumors. “This financing provides us with the strategic resources to advance our lead programs,” said Robert Mulroy, President and CEO of Merrimack, in a statement.