Merrimack uses 'going concern' phrase in regulatory filing
In a regulatory filing Merrimack outlines risks related to the sale of Commercial Business to Ipsen. The company says, "If the asset sale is not completed, we may not be able to pursue strategic alternatives for our company or our product candidates because we will have limited cash reserves and limited revenues. The clinical development and potential commercialization of our product candidates requires significant capital. We had unrestricted cash and cash equivalents of $21.5 million as of December 31, 2016. If we cannot raise additional capital, we may have difficulty servicing our debt obligations and may need to file for bankruptcy."...We may be unable to raise additional capital or may be required to incur significant costs to raise such additional capital. Our ability to raise additional capital will depend on many factors, including, but not limited to, the following: market conditions for debt or equity financing;the initiation, progress, timing, costs and results of preclinical studies and clinical trials for our product candidates or any other future product candidates; investors' and lenders' belief in our business plan and our ability to continue as a 'going concern."