Merrimack Pharmaceuticals Inc. (MACK) reported that its first-quarter net loss attributable to the company widened to $28.15 million from $23.28 million in the same quarter last year. However, on a per share basis, loss narrowed to $0.29, from $2.14 in the prior year on account of share dilution.
Weighted-average common shares used in computing net loss per share available to common stockholders surged to 95.8 million shares from 11.8 million shares in the year-ago period.
Meanwhile, collaboration revenues for the quarter rose to $14.65 million from $11.34 million in the year ago quarter.
The company expects its existing unrestricted cash and cash equivalents and available-for-sale securities on hand as of March 31, 2013 of $86.7 million, anticipated interest income and research and development and manufacturing funding under its license and collaboration agreement with Sanofi related to MM-121 to be sufficient to fund operations into 2014.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.28 per share on revenues of $12.81 million for the current quarter. Analysts' estimates typically exclude special items.
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