MACK - Earnings call transcript Q1 2018 | Merrimack Pharmaceuticals Inc

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Operator

Good morning and welcome to the Merrimack Pharmaceuticals First Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode.

Following the formal remarks, we will open up the call for your questions. I would now like to introduce your host for today's conference, Geoff Grande, Senior Director of Communications at Merrimack. Please begin.

Geoff Grande

operator. Thanks, and our joining results first progress. everyone call on and you discuss to quarter thank morning, us for our recent Good XXXX financial press the Investors at of our became today A can section our merrimack.com. Eastern and in AM Time available found be website, detailing release X:XX results and being on be our website call is will This for broadcast live archived six weeks.

Jean Executive Chief on Richard Officer. Peters, and and Chief Dr. Medical Financial call our our Santillana, are Officer; our today the Sergio Joining me Dr. Chief Franchi, Officer President

plans, These Before we Reform during meaning be statements begin, These future I remind clinical Litigation you and statements the of Act need filed making risks are this involve that which to include and of within Securities the development our may recent will and call, Private Factors XXXX. of projections. the we timelines we in about are described forward-looking online XX-K sec.gov. expectations our financial reports with which Form other section most Risk the at SEC, available the uncertainties, and statements

not in obligation should now future, statements with turn We While they to of may today, over the as Richard. be these I’ll views relied views to upon update do statements as so. forward-looking represent representing we're future. an our but our these taking that, not on in the And the call

Richard Peters

for all patient development Merrimack, At optimal today. thank we the us will and therapeutics novel of and joining targeting smart that Geoff design you biomarker-defined Thanks, outcomes. deliver believe cancers

pronged antibody approach to diversified and of a a pipeline three build nanotherapeutics, As set development. directed out such, we antibodies to utilizing

our defined programs drug with clinical finally, currently pipeline patient lowering reprioritizing by transaction, four with understanding, clear populations, our and end, targeting clinically studies, data in ongoing to disease data. pharmacological a in and To shorter, all we these biomarker preclinical begin design rich clinical smaller, resulting Since across homogenous Ipsen to And and we with ten of with informed solutions accelerating the personalized cancers. understanding this test in has need. towards costs cancer that more trials, properties pipeline pointed development conjunction Merrimack match candidates meaningful targeted timeframe we defined a XXXX. biomarker Then, have we First, metabolism. the pathways

Looking will and including from Since call year, ahead randomized of of to the the we and keep expect from brief. today's we data istiratumab phase each report rest these from data data MM-XXX X clinical X three we MM-XXX. of or to still events, or seribantumab candidates, phase MM-XXX data our each await

call update our over provide the Before turning brief provide on a the to on a me let quick will side. Sergio corporate who pipeline, update

Newcomer We Dr. to Lee are announce scientific first our the Dr. to appointment the quarter. in board delighted advisory of

and at for Senior Vice Newcomer Chief and oncologist. board certified medical Medical UnitedHealthcare Oncology President Officer is former a and Genetics

As physician our to how we Dr. consider payer. we essential can the the candidates patients, and value advance in the maximum stakeholders, that the clinic, various it demonstrate is

distinguished experts oncology scientific an Dr. of We bioengineering, clinical development. precision board, access in voice important expertise lend and to in which and our medical Newcomer's oncology, advisory discovery patient drug consists will welcome

Newcomer and insights. his look forward to valuable

expected I will of each Now, clinical who overview our the Sergio to call XXXX. clinical which an to in turn give of will candidates, data is over report

Sergio Santillana

you, Richard. Thank

MM-XXX in biomarker pancreatic that which cancer. placebo compared our in a candidate front and combination patients growth. phase is double to of free receive bispecific Patient in with Patients the pathways plus two serum drug placebo our blocking and CARRIE ongoing IGF-X, and selection single more a in levels effective being on gem care trial gem blind metastatic Abraxane. with controlled HERX antibody Let also We two Abraxane a standard of aggressive term is a line is this IGF-X with pancreatic chemotherapy, as with patient the and based endpoint MM-XXX so progression than to both MM-XXX, cancer. pathways drive MM-XXX will more is in currently of be doing primary drugs X as separately. free the study, serum randomized patients targeting overall of both survival forms with acting with readout. free trial with begin well in evaluated heregulin. me nearest anticipate istiratumab of high levels The population associated levels cancer known expected cooperate data high with IGF-X as high cell receptors,

measures. design, in safety objective order endpoints, While this wait and control we information disease have progress to trial all data we type several response, secondary With survival to therapy overall driven sufficient to evaluate capture for measurements. are where for response rate, on of of patients rate, duration event

at We of that press appropriate we able follow expect continue report a later will quarter and course, line be a to date. with this later congress in top to release a presentation at data medical and up

in receptor. ongoing who metastatic monoclonal antitumor than received fully label designed enrolling we biomarker or in MM-XXX human was less our non-small of meaningful in The compared to and SHERLOC MM-XXX survival open cell cancer resistance reduce the immunooncology of clinical cancer of HERX lung pathway, is cancer trial chemotherapy with X.X. treated an assisting chemotherapy HERX with design the This breast alone statistical to a combination the in in drug SHERLOC X lung hazard a a survival to patients docetaxel in is block currently XXX balance free heregulin our benefit order heregulin Turning after equal looking the progression compared effects with phase postmenopausal docetaxel pathway to cancer. trial targeting is two cell seribantumab, to a in as designed alone. to is study, in antibody, for or received very HERX being randomized of MM-XXX with pathway the progression are through is and MM-XXX also resistance targeting defined robust ratio a have have receptor. positive who doubling MM-XXX free the non-small prior patients activated randomized phase to trials cell HERX platinum with based evaluated a therapies. X patients may therapy. patients progress has regimen population a and

X for top well in financial back state lung the continue positive marker approved for of the eligibility half We incentives. as which of drug to this a data assistance designation study to XXXX. cancer, exclusivity cell heregulin to treatment in line report was this and FDA of indication up for as as if offers development second years orphan other non-small granted MM-XXX XXXX by reminder, the in November Also

our placebo cancer after phase with randomized of heregulin with progressed inhibitor negative positive with trial SHERBOC in assisting to study, those cyclin-dependent ongoing based positive metastatic double-blind breast now hormone receptor MM-XXX Turning controlled treated in postmenopausal fulvestrant who HERX placebo the have and in fulvestrant. patients SHERBOC X MM-XXX therapy. with free receiving is received compared progression who combination kinase plus survival have patients

mid-February The of progressing. anticipated dosed the guidance this to We trial sense plan ongoing. we is is data a patient in first was enrolment better and patient have when how the timing enrolment in offer of on

prostate, in and superior tumors. in and antibody-directed types, the and and evaluating Next, pancreatic AX of activity expect being of safety Enrolment targets pharmacology ephrin drug our currently in escalation free delivers safety, from In MM-XXX half the to report Phase XXX% encapsulated data AX solid compared a tolerated an demonstrated ephrin MM-XXX is bladder, that trial, tolerability cancers. activity year. preliminary of the study nanoliposome. and third a comparator. is is ovarian, docetaxel ongoing [indiscernible] many critical with nanotherapeutic dose we multiple candidate is solid a including The dose this and in lung receptor in receptor maximum studied tumor this under gastric, second clinical novel X prodrug MM-XXX to models, XX% the

pipeline Association of four programs Highlight presented April, varying repair programs now we call which and reflect and Financial Meeting Jean MM-XXX Research and Officer. X our currently of development. to data Cancer has preclinical These in target areas XXXX With focus, and preclinical Chief Merrimack stages that, to processes broader commitment the preclinical immunooncology. mature. AACR. clinical I growth programs over ability our assets cellular distinct our factor our Franchi, currently as of the Merrimack’s other will at pathways, Annual development development repopulate at and Finally, three turn from to in proliferation research American current

Jean Franchi

Thank summarize today's XX-Q you, now in greater our Sergio. I’ll financial outlined depth highlights, related press and in release filing.

development clinical compared the reduced million expense company. our for three XXXX XX.X expenses ended for transition three XXXX. expenses X.X March million ended research our a represents XXXX. completed an first reflect operating XX, quarter to were total to to Our compared of million reduction XX.X March months of and This XX, The largely the months stage

materially the as we of decreased reduced our to majority costs. cash, the related prioritized costs the quarter of headcount We our equivalents to of corporate clinical had due cash expenses XX, XX.X million securities to on compared million and quarter compared ended same programs, With December and XX.X focused with XXXX. last year, marketable also

to to to believe payments As half upcoming be cash, our readouts net concluding XXXX. into XXXX fund cash back result, second as and of to securities the marketable milestone that now potential sufficient of our remarks. for I’ll planned data XX, a we continue call will hand and certain and equivalents our operations the March Richard

Richard Peters

SHERLOC evaluating second to year, half this Later ten the top four forward owned to phase from study expect we again, in cancer. XXXX, year. we like MM-XXX report we CARRIE X tumors. wholly phase And MM-XXX report being the expect tolerated In to in Phase have that, frontline and X of Once of we will maximum in and this the out cancer. to for read to any non-small you clinical our our randomized Operator? Jean. top from from thank milestones. quarter, a lung expect pancreatic line we data metastatic Across to dose programs all with three upcoming second line line ongoing to Also open here the study half you, Thank the trials, have the we cell pipeline, expect safety of randomized which look X questions. data we in our MM-XXX I’d in the of data now solid of

Operator

Anupam The Rama of [Operator is question first from JPMorgan. Instructions]

Unidentified Analyst

for for here questions. [indiscernible] the Thank morning. on This Anupam this is for you and our on the quarter taking updates

CARRIE included a of PFS? and Gemcitabine be arm? within plus our Gemcitabine the you is frontline plus can Can OS secondary what and future reup maybe study have maybe alone related of be trial you the as will the the on as or show versus between in here scenario whatever for couple us on update? in meaningful would what on eyes a metastatic powered from for duration trial, OS endpoint what Gemcitabine Abraxane remind the to to Abraxane line then a And cancer. plus win pancreatic here viewed physicians the And up color top us assumed what Abraxane So XXX and what clinically then we coming in provide is will finally, to wait

Sergio Santillana

question. you Thank much so the for

of statistical XX%. assumption ratio in of months, serum X So which IGF-X CARRIE overall design represents a in this X.XX or months X.XX of efficacy X terms of the of lower alpha for levels power the with hazard versus study, high of the of IGF-X study is and an the a

were survival. the about asking You also question the overall

overall what population expect months. Gem survival and overall of in Abraxane, survival comparison, as unselected We the patient is are for the a patient this will X population for you capturing

as PFS a these a outcome expect target in would we clinically study meaningful the of improvement this but patients. in So,

In we and have safety. well endpoints results, plan the to secondary include top as overall including primary the line key endpoint survival of terms as

Richard Peters

secondary IGF-X, quoted the in that's of and eight median trials survival benefit understand Sergio pancreatic Richard. question patients tends all for on have for Abraxane, might wanting is the months. study Abraxane aggressive of endpoint, have Gem, Sergio unselected And with treatment comparing to to cancer our what of better based signal which Remember circulating that’s form pancreatic are patients a is chemotherapy and of are overall to with And alone. randomized trial, therefore, It's your trial a growth more when of and us what the proof of arm the free be approval not same trial, at the a What that you phase with high it for but the associated we overall time, patients, the X is pivotal in we concept mentioned This would to be. regard of cancer. be the very enrolling of understand right, XXX the powered. important course, the survival course concurrently, this

chemotherapy alone the we've we quality versus we of chemotherapy head compare re-sharpened year proof-of-concept have of studies focus vis-à-vis our placebo where whole So last care. Merrimack plus treatment these our of to with the that and to we've of the ideally strategy got really highest drug running when can so data standard that's implemented head

Operator

of question next from The is Cowen. Laura Christianson

Laura Christianson

for one any have a Just on front? plans been quick forward and the that moving partnerships with talking potential if any pipeline interested your in you your them I'm and you've on curious whether parties works candidates.

Richard Peters

Richard. This you the for Thank question. is

yes, So and have four preclinical we in clinic Sergio the programs update pipeline, number the stage. of we six regarding programs highlighted the at our the in also those and have on

a that’s of total XX So programs.

leverage part through we wholly really our assets discussions of well number by of as very say, the the We are, having stage owned not programs both of And for agreements they're it's a having often of fortunate as situation partners, so assets strategy I into corporate being and potential value in through do company, to we all and XXX% clinical assets. those the this with the are our partnerships, licensing can ongoing preclinical unencumbered. as

of optimally manage development course, prioritize efforts time and we'll business. the be to our we Of assess course our continuing all will options over to business

Operator

the are Geoff call closing further you. Thank for turn There no over I’ll questions. remarks. back Grande to

Geoff Grande

interest for progress to your you in in Great. all continued on Well, months We ahead. joining forward for look and updating the us thank you our Merrimack.

Operator

and today’s this conference. concludes Ladies gentlemen,

disconnect. have day. You great may Everyone, now a

Merrimack Pharmaceuticals (MACK) 8 May 182018 Q1 Earnings call transcript