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.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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