CAMBRIDGE, Mass., July 24, 2017 /PRNewswire/ -- Merrimack
Pharmaceuticals (NASDAQ: MACK) today announced further
expansion of its executive management team with the appointment of
Thomas E. Needham, Jr., M.B.A., to
the position of Chief Business Officer. In this role, Mr. Needham
will help design and implement Merrimack's strategy for its broad
pipeline of clinical and preclinical development assets.
Mr. Needham comes to Merrimack with 25 years of experience in
corporate strategy, finance and executive management for public and
private biotechnology companies. He has an extensive track record
of driving strategic transactions, including in- and out-licensing,
co-development and R&D collaborations.
"Tom is an extraordinary addition to our team, bringing
extensive expertise in creating value through business development,
strategic partnerships and licensing agreements," said Richard Peters, M.D., Ph.D., President and Chief
Executive Officer of Merrimack. "His experience and direction will
hone the Merrimack corporate strategy across our entire product
portfolio, from our three clinical assets to our promising
preclinical pipeline."
"I am thrilled to be joining Merrimack at a time of sharpened
focus and exciting progress," said Mr. Needham. "This is a unique
opportunity to join a seasoned biotech company with strong
leadership and a deep pipeline. I look forward to working closely
with the talented Merrimack team to move these programs forward and
create value for patients and shareholders."
Prior to joining Merrimack, Mr. Needham most recently served as
Senior Vice President of Business Development at C4 Therapeutics,
where he was responsible for executing business development
strategy and establishing corporate partnerships. Previously, he
was Managing Director at Synthesis Capital, where he helped manage
two healthcare venture funds focused on biotechnology,
pharmaceutical and medical technology investments. Prior positions
also include Principal at Advent International, a global private
equity firm, and Vice President of Business Development at both GPC
Biotech and Mitotix, Inc., each of which he led through a number of
strategic transactions, including negotiating industry partnerships
with global pharmaceutical companies, R&D collaborations,
licensing and M&A situations.
Mr. Needham holds a B.A. in history and economics from
Bowdoin College, and an M.B.A. in
marketing and finance from the Franklin W. Olin Graduate School of
Business at Babson College.
About Merrimack
Merrimack is a biopharmaceutical
company based in Cambridge, Massachusetts, that is
outthinking cancer to ensure that patients and their families live
fulfilling lives. Its mission is to transform cancer care through
the smart design and development of targeted solutions based on the
deep understanding of cancer pathways and biological markers. All
of Merrimack's product candidates, including three in clinical
studies and several others in preclinical development, fit into its
strategy of 1) understanding the biological problems it is trying
to solve, 2) designing specific solutions and 3) developing those
solutions for biomarker-selected patients. This three-pronged
strategy seeks to ensure optimal patient outcomes. For more
information, please visit Merrimack's website
at www.merrimack.com.
Forward Looking Statements
Any statements in this
press release about future expectations, plans and prospects for
Merrimack constitute forward-looking statements within the meaning
of The Private Securities Litigation Reform Act of 1995, as
amended. Actual results may differ materially from those indicated
by such forward-looking statements. Merrimack anticipates that
subsequent events and developments will cause its views to change.
However, while Merrimack may elect to update these forward-looking
statements at some point in the future, Merrimack specifically
disclaims any obligation to do so.
Contact:
Geoffrey
Grande, CFA
617-441-7602
ggrande@merrimack.com
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SOURCE Merrimack Pharmaceuticals