Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July7, 2017, Gary Crocker resigned from the Audit Committee of the Board of Directors (the “Board”) of Merrimack Pharmaceuticals, Inc. (the “Company”), and Vivian Lee, a current member of the Board and an independent director, was appointed to the Audit Committee. Mr.Crocker will continue to serve as a director and as the Chairman of the Board of the Company.
On July10, 2017, the Company received a letter from the Nasdaq Stock Market (“Nasdaq”) stating that Mr.Crocker’s service on the Audit Committee from March9, 2017 to July7, 2017 had caused the Company to not be in compliance with the audit committee composition requirement set forth in Nasdaq Listing Rule 5605(c)(2)(A) (the “Listing Rule”) during such time. Nasdaq determined that Mr.Crocker did not meet the Listing Rule’s criteria for service on the Audit Committee because he had participated in the preparation of the Company’s financial statements while he was interim President and Chief Executive Officer of the Company from October3, 2016 to February6, 2017. The letter also stated that because Mr.Crocker had been replaced on the Audit Committee by a director that did meet the Listing Rule’s criteria, the Company had regained compliance with the Listing Rule and the matter is now closed.
About Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK)
Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151. Its ONIVYDE (irinotecan liposome injection), also known as MM-398, is an encapsulation of the marketed chemotherapy drug irinotecan in a liposomal formulation. MM-302 is an antibody drug conjugated liposomal doxorubicin that targets the ErbB2 (HER2) receptor. MM-121 is a fully human monoclonal antibody that targets Erb-B2 Receptor Tyrosine Kinase 3 (ErbB3). MM-141 is a fully human tetravalent bispecific antibody designed to block tumor survival signals by targeting receptor complexes. MM-151 is an oligoclonal therapeutic designed to bind to non-overlapping epitopes of EGFR (ErbB1).
