Flail­ing Mer­ri­mack brings out the ax for an­oth­er big cut­back, lop­ping 60% of a shrink­ing crew as it hunts op­tions

Things at Mer­ri­mack Phar­ma­ceu­ti­cals $MACK con­tin­ue to go from bad to worse for the fast-dwin­dling band of sur­vivors that now runs the show.

Just a few weeks af­ter con­ced­ing that MM-121 (serib­an­tum­ab) added to do­c­etax­el did noth­ing for pa­tients with non-small cell lung can­cer, the strug­gling biotech has de­cid­ed to kill all its de­vel­op­ment ef­forts for the drug, eras­ing a tri­al for breast can­cer. And in or­der to con­serve cash in­to 2022, the com­pa­ny is once again slash­ing its work­force in an­oth­er in a se­ries of re­struc­tur­ings, elim­i­nat­ing 60% of its staff in a dra­con­ian cut­back while cir­cling the wag­ons around MM-310.

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