Merrimack Pharmaceuticals, Inc. (MACK)

ROLLING MEADOWS, Ill. , Aug. 5, 2025 /PRNewswire/ -- Arthur J.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) (“Merrimack” or the “Company”) announced that the stockholders at a Special Meeting held today overwhelmingly approved adopting a Plan of Dissolution. Following that announcement, the Board of Directors declared a liquidating cash dividend in the amount of $15.10 per share. The dividend is expected to be paid on or about May 17, 2024. Merrimack's Common Stock will trade on NASDAQ through May 17, 2024 and will deli.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) (“Merrimack” or the “Company”) today announced that it has filed notice with NASDAQ of the Company's intent to delist its securities from NASDAQ, subject to receipt of stockholder approval of the Plan of Dissolution at the Special Meeting of Stockholders of Merrimack scheduled to be held on Friday, May 10, 2024. Under the Plan of Dissolution, Merrimack intends to issue an initial liquidating cash dividend to its s.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) (“Merrimack” or the “Company”) today announced that it has received a $225 million payment which was due from Ipsen, S.A. as a result of its receipt of approval from the U.S. Food and Drug Administration, or FDA, to market ONIVYDE as a first-line treatment of metastatic adenocarcinoma on the pancreas. Merrimack's Board of Directors has evaluated the likelihood of receiving additional milestone payments under the I.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Reports Full Year 2023 Financial Results.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) (“Merrimack” or the “Company”) reported that Ipsen, SA (“Ipsen”) issued a press release today announcing the U.S. Food and Drug Administration has approved the supplemental new drug application for Onivyde® (irinotecan liposome injection) plus 5 fluorouracil/leucovorin and oxaliplatin (NALIRIFOX) as a first-line treatment for people living with metastatic pancreatic ductal adenocarcinoma (mPDAC). Under the terms o.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Reports Third Quarter 2023 Financial Results.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Reports Second Quarter 2023 Financial Results.

BERWYN, Pa.--(BUSINESS WIRE)--Virpax® Pharmaceuticals, Inc. (“Virpax” or the “Company”) (NASDAQ: VRPX), a company specializing in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders and viral barrier indications, today announced its financial results for the three months ended March 31, 2023, and other recent developments. “Many of the initiatives that we have been actively working on were completed in the first quarter, and I believe that we are off to an excellent start in 2023,” commented Anthony P. Mack, Chairman and Chief Executive Officer of Virpax. “We have built up our development teams with the addition of world-class experts to advise us, completed a number of studies that we believe will help us advance our Rx product candidates and engaged leading partnering and licensing advisors as we look to secure non-dilutive financing. “Work on Probudur™, our lead asset for postoperative pain management, has been steady and productive as we look to scale up production with our partner and still expect to initiate pre-clinical studies toward the end of this year,” continued Mr. Mack. “Additionally, we have added two advisors to this program, Dr. Neil Singla and Dr. Pardeep Gupta. We expect that Dr. Singla, a leading pain expert, will assist in the design and support of the clinical development strategy. Dr. Pardeep, whose expertise is in liposomal drug delivery and nanotechnology, was brought on board to advise our team on chemistry, manufacturing and controls (CMC), technology transfer and commercial buildout. With Envelta™, the Company’s non-opioid pain product candidate being developed under an in-kind grant from the National Center for Advancing Translational Sciences (NCATS), we successfully completed dose ranging studies in both rats and dogs. Intranasal administration, using our Molecular Envelope Technology (MET), demonstrated that it was well-tolerated and there were no adverse effects. We remain on track to file the Investigational New Drug (IND) application by the second quarter of 2024. “For NobrXiol™, we have engaged two leading experts in pediatric epilepsy, Dr. Kenneth Sommerville and Dr. Lawrence Fried, to help us advance this product candidate, as well as assist in our grant and cooperative research and development agreement (CRADA) submissions,” added Mr. Mack. “Lastly, I am pleased with the progress we are making in our efforts to secure non-dilutive financing. We currently have two CRADAs with the federal government and believe that we are well-positioned to receive additional ones as we continue to demonstrate success in our current drug development programs. As well, I am encouraged by the initial responses that both New England Investors and Destum Partners have received with respect to our out-licensing efforts,” concluded Mr. Mack. RECENT DEVELOPMENTS On May 10, 2023, Virpax announced that it has been invited to present its Molecular Envelope Technology (MET), as well as its AnQlar™ product candidate for viral inhibition that utilizes MET, at the June 8, 2023, virtual CB Tech Watch Seminar. CB Tech Watch Seminar is a forum for companies to highlight their science and technology to agencies within the Department of Defense as well as other Federal agencies and military branches. On April 27, 2023, Virpax announced that it has engaged Dr. Pardeep Gupta, a leading expert in liposomal drug delivery and nanotechnology, to support the development of Probudur, Virpax’s proprietary patented long-acting injectable liposomal bupivacaine for postoperative pain management. Dr. Gupta’s involvement is expected to include advising on chemistry, manufacturing and controls (CMC), technology transfer and buildout required for the commercialization of Probudur. On April 5, 2023, Virpax announced the successful completion of dose ranging studies for rats and dogs in its Envelta development program. Envelta is the Company’s non-opioid pain product candidate for acute and chronic pain that is being funded under an in-kind grant from the National Center for Advancing Translational Sciences (NCATS), part of the National Institutes of Health (NIH). On March 28, 2023, Virpax announced the appointment of Barbara A. Ruskin, Ph.D., J.D. to its Board of Directors. Dr. Ruskin, who received her Ph.D. in Biochemistry & Molecular Biology from Harvard University, is an experienced attorney specializing in life sciences and intellectual property. She currently serves as the Chief Intellectual Property and Innovation Officer for Silence Therapeutics plc, a Nasdaq listed international biotechnology company. On February 13, 2023, Virpax announced that the Company has completed FDA required preclinical toxicology studies for its licensed Molecular Envelope Technology (MET). The Company believes MET may enhance the delivery of Virpax’s Envelta and NobrXiol product candidates. MET is also utilized in the Company’s AnQlar product candidate. These preclinical toxicology studies were performed to evaluate the safety of the MET platform and support the IND submission of each product candidate. On January 18, 2023, Virpax announced that it has engaged Dr. Neil K. Singla, a leading pain expert, to assist in the design and support of the clinical development strategy for Probudur. Probudur is Virpax’s post-operative, long-acting anesthetic injection product candidate that is being developed to significantly reduce or eliminate the need for opioids after surgery in approved indications. On January 10, 2023, Virpax announced that it has engaged Destum Partners, Inc. to serve as the exclusive advisor for the Company’s partnering and licensing efforts in strategic global markets. Destum Partners will work with Virpax on identifying a partner in the animal health market for its Rx product candidate, Probudur, a long-acting local anesthetic indicated for postoperative pain management. Additionally, Destum Partners will assist the Company in potentially securing licensing deals for their Over-the-Counter (OTC) product candidates, Epoladerm™, indicated for osteoarthritis pain, and AnQlar™, an intranasal mucosal viral barrier. On January 31, 2023, Virpax announced that the Company has engaged New England Investors, LLC to serve as the out-licensing advisor for Envelta in the People’s Republic of China. Envelta is Virpax’s non-opioid pain product candidate for acute and chronic pain including non-cancer pain that is being funded under an in-kind grant from NCATS, part of the National Institutes of Health (NIH). On January 4, 2023, Virpax announced that it has engaged two leading physicians experienced in childhood epilepsy, Dr. Kenneth W. Sommerville and Dr. Lawrence Fried, to support the overall development plan for NobrXiol. Their involvement with this program is expected to include advising on trial design, regulatory pathway development and patient recruitment. Additionally, it is anticipated that they will support Virpax with patient advocacy groups and grant applications. FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2023 Operating Expenses General and administrative expenses were approximately $0.4 million for the first quarter of 2023, a decrease of about 77% or $1.4 million from the first quarter of 2022. The decrease in general and administrative costs was primarily attributable to a decrease in legal costs due to reimbursement of legal costs pursuant to the Company’s D&O insurance policy and a decrease in defense costs with regard to ongoing litigation, and to a lesser degree, a decrease in stock-based compensation and public relation costs. This was offset by an increase in fees related to market assessment efforts, as well as advisory and consulting fees, in addition to an increase in salaries, wages and employee benefits. Research and development expenses were approximately $1.2 million, a decrease of about 63% or $2.1 million for the three months ended March 31, 2023, as compared to the prior year first quarter. The decrease was primarily attributable to a one-time milestone payment made to Nanomerics in the first quarter of 2022 related to the acquisition of global rights for AnQlar, a decrease in AnQlar preclinical activities, and to a lesser extent, a decrease in preclinical activity related to Epoladerm. This was slightly offset by an increase related to Probudur preclinical activities, as well as an increase in preclinical activity related to NobrXiol and to regulatory work related to Envelta. Cash Flows Operating Activities Cash used in operations was approximately $2.0 million for the first quarter of 2023 compared to $6.0 million for the three months ended March 31, 2022. The decrease in cash used in operations was primarily the result of the decrease in net loss and a decrease in prepaid insurance and prepaid research and development costs. In addition, in March 2023, we collected $1,250,000 in reimbursement of legal costs pursuant to our directors’ and officers’ insurance policy which decreased our net loss during the period. At March 31, 2023, Virpax had cash of approximately $17.0 million. About Virpax Pharmaceuticals Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain and Envelta™ is an intranasal molecular envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET)) to develop two other product candidates. PES200 is a product candidate being developed to manage post-traumatic stress disorder (PTSD) and NobrXiol™ is a product candidate being developed for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of rare pediatric epilepsy. Virpax recently acquired global rights to NobrXiol. Virpax is also seeking approval of two nonprescription product candidates: AnQlar, which is being developed to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm™, which is a topical diclofenac spray film formulation being developed to manage pain associated with osteoarthritis. For more information, please visit virpaxpharma.com and follow us on Twitter, LinkedIn and YouTube. Forward-Looking Statement This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's planned clinical trials, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or the Company’s financial performance and involve known and unknown risks, uncertainties, and other factors, including the Company’s ability to successfully complete research and further development and commercialization of Company drug candidates in current or future indications; the uncertainties inherent in clinical testing; the Company’s ability to manage and successfully complete clinical trials and the research and development efforts for multiple product candidates at varying stages of development; the effects of the outbreak of COVID-19 on the Company’s business and results of operations; the timing, cost and uncertainty of obtaining regulatory approvals for the Company’s product candidates; the Company’s ability to protect its intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company’s product candidates; the Company’s ability to continue to obtain capital to meet its long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete clinical trials that the Company plans to initiate; and other factors listed under “Risk Factors” in our annual report on Form 10-K and quarterly reports on Form 10-Q that the Company files with the U.S. Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. VIRPAX PHARMACEUTICALS, INC. CONDENSED BALANCE SHEETS March 31, 2023 December 31, 2022* (Unaudited) ASSETS Current assets Cash $ 16,986,917 $ 18,995,284 Prepaid expenses and other current assets 1,506,430 678,365 Total current assets 18,493,347 19,673,649 Total assets $ 18,493,347 $ 19,673,649 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 1,294,239 $ 1,094,590 Estimated litigation liability 2,000,000 2,000,000 Total current liabilities 3,294,239 3,094,590 Total liabilities 3,294,239 3,094,590 Commitments and contingencies Stockholders’ equity Preferred stock, par value $0.00001, 10,000,000 designated shares authorized, no shares issued and outstanding — — Common stock, $0.00001 par value; 100,000,000 shares authorized, 11,714,284 shares issued and outstanding as of March 31, 2023 and December 31, 2022 117 117 Additional paid-in capital 61,074,152 60,933,569 Accumulated deficit (45,875,161 ) (44,354,627 ) Total stockholders’ equity 15,199,108 16,579,059 Total liabilities and stockholders’ equity $ 18,493,347 $ 19,673,649 VIRPAX PHARMACEUTICALS, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 OPERATING EXPENSES General and administrative (net of insurance reimbursement of $1,250,000 in 2023 – See Note 5) $ 415,451 $ 1,782,413 Research and development 1,235,614 3,341,406 Total operating expenses 1,651,065 5,123,819 Loss from operations (1,651,065 ) (5,123,819 ) OTHER INCOME (EXPENSE) Other expense — (13,183 ) Other income 130,531 — Loss before tax provision (1,520,534 ) (5,137,002 ) Benefit from income taxes — — Net loss $ (1,520,534 ) $ (5,137,002 ) Basic and diluted net loss per share $ (0.13 ) $ (0.44 ) Basic and diluted weighted average common stock outstanding 11,714,284 11,708,690 VIRPAX PHARMACEUTICALS, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (1,520,534 ) $ (5,137,002 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 140,583 211,340 Change in operating assets and liabilities: Prepaid expenses and other current assets (828,065 ) (1,218,395 ) Accounts payable and accrued expenses 199,649 99,200 Net cash used in operating activities (2,008,367 ) (6,044,857 ) Net change in cash (2,008,367 ) (6,044,857 ) Cash, beginning of period 18,995,284 36,841,992 Cash, end of period $ 16,986,917 $ 30,797,135 Supplemental disclosure of cash and non-cash financing activities Cash paid for interest $ — $ — Cash paid for taxes $ — $ —

BERWYN, Pa.--(BUSINESS WIRE)--Virpax® Pharmaceuticals, Inc. (“Virpax” or the “Company”) (NASDAQ: VRPX), a company specializing in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders and viral barrier indications, today announced that it has been invited to present its Molecular Envelope Technology (MET), as well as its AnQlarTM product candidate for viral inhibition that utilizes MET, at the June 8, 2023, virtual CB Tech Watch Seminar. Mr. Anthony P. Mack, Chairman and CEO of Virpax, and Dr. Sheila A. Mathias, Chief Scientific Officer of Virpax will present on the Company’s behalf. CB Tech Watch Seminar is a forum for companies to highlight their science and technology to the technical staff at the Defense Threat Reduction Agency (DTRA), Defense Advanced Research Projects Agency (DARPA) in addition to members of the Army, Navy and other military branches and Federal agencies. “We are pleased to be invited to present at this seminar and have the opportunity to showcase our MET delivery platform to DTRA as well as other parts of the DOD and Federal technical experts. In particular, we anticipate that we will receive important feedback on how MET may be applicable for chemical bio defense and other potential emerging threats,” stated Anthony P. Mack, Chairman and CEO of Virpax. About DTRA DTRA provides cross-cutting solutions to enable the Department of Defense, the United States Government, and international partners to deter strategic attack against the United States and its allies; prevent, reduce, and counter WMD and emerging threats; and prevail against WMD-armed adversaries in crisis and conflict. About Virpax Pharmaceuticals Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain and Envelta™ is an intranasal molecular envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET)) to develop two other product candidates. PES200 is a product candidate being developed to manage post-traumatic stress disorder (PTSD) and NobrXiol™ is a product candidate being developed for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of rare pediatric epilepsy. Virpax recently acquired global rights to NobrXiol. Virpax is also seeking approval of two nonprescription product candidates: AnQlar, which is being developed to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm™, which is a topical diclofenac spray film formulation being developed to manage pain associated with osteoarthritis. For more information, please visit virpaxpharma.com and follow us on Twitter, LinkedIn and YouTube. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's planned clinical trials, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential,” "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or the Company’s financial performance and involve known and unknown risks, uncertainties, and other factors, including the Company’s ability to successfully complete research and further development and commercialization of Company drug candidates in current or future indications; the uncertainties inherent in clinical testing; the Company’s ability to manage and successfully complete clinical trials and the research and development efforts for multiple product candidates at varying stages of development; the effects of the outbreak of COVID-19 on the Company’s business and results of operations; the timing, cost and uncertainty of obtaining regulatory approvals for the Company’s product candidates; the Company’s ability to protect its intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company's product candidates; the Company’s ability to continue to obtain capital to meet its long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete clinical trials that the Company plans to initiate; and other factors listed under "Risk Factors" in our annual report on Form 10-K and quarterly reports on Form 10-Q that the Company files with the U.S. Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

CARY, N.C.--(BUSINESS WIRE)--e-Emphasys Technologies Inc., a global enterprise software provider for the heavy equipment and industrial machinery industry, today announced that Nuss Truck & Equipment, one of the largest providers of trucks, trailers and heavy equipment in the Midwestern United States, has gone live with e-Emphasys ERP. The company is using the e-Emphasys ERP suite, including equipment and inventory management capabilities, to support digital transformation and ensure the highest level of service is delivered to customers and partners. Nuss Truck & Equipment was looking for a modern, scalable ERP platform that could integrate business processes, support its evolution to a paperless office, and ensure faster time to market to meet the emerging needs of customers. After evaluating multiple dealer management systems, the company selected e-Emphasys ERP based on its proven track record, robust capabilities and power to scale to support future business needs. With e-Emphasys ERP now live at Nuss Truck & Equipment, the company anticipates such features as operational dashboards, integrated industry best practices, and enterprise analytics to help drive efficiencies at every operating level. “We knew we needed to modernize our business operations to best meet and exceed the needs of our customers and partners,” said Bradley Nuss, Executive Vice President & CFO, Nuss Truck & Equipment. “We considered multiple ERP solutions with e-Emphasys ERP hands down having the most robust, end-to-end capabilities to support our business needs today, and scalable for future growth.” e-Emphasys ERP was implemented across the organization to automate business processes and speed time to value for customers, vendors and the markets they serve, which spans nine locations in Minnesota and Wisconsin. Nuss Truck & Equipment is also a franchised dealer for Mack Trucks, Volvo Trucks North America, and Isuzu Commercial Trucks. In fact, Mack and Volvo Truck North America has chosen e-Emphasys as a preferred DMS partner, working closely to develop new interfaces and enhancements to meet the needs of their dealer network. “Each of our clients is unique and we’re committed to delivering innovative software solutions that give them what they need at scale to support their digital transformation goals,” said Jeff Hart, President and CEO of e-Emphasys. “I’m confident Nuss Truck & Equipment and its customers will quickly reap the benefits of e-Emphasys ERP in terms of streamlining so many of the processes that impact overall efficiency and satisfaction, and we’re excited to be their trusted partner at every step of their journey.” About Nuss Truck & Equipment With nine locations in Minnesota and western Wisconsin, Nuss Truck & Equipment is the region’s largest dealer of new and used Mack and Volvo Trucks, and Volvo Construction Equipment. Established in 1959, Nuss has become a leading provider of service, parts, trailers, rentals and custom-engineered solutions for the trucking and construction industries. With headquarters in Rochester and Roseville, Minnesota, Nuss is proud of its commitment to safety and exceptional service. For more information and a list of locations, visit www.nussgrp.com. About e-Emphasys Technologies e-Emphasys Technologies Inc. is a global provider of enterprise software for the heavy equipment and industrial machinery industry. Our market-leading software solutions, e-Emphasys ERP and IntelliDealer, offer dealerships and rental companies across agriculture, construction, forestry, heavy trucking, materials handling, mining and sanitation modern systems to optimize their business operations. With an install base of 4,200+ rooftops and growing, our software platforms are designed to meet the needs of these specific clients, so they can increase efficiency, customer satisfaction and profitability. Learn more at www.e-emphasys.com or follow us on LinkedIn.

CHICAGO--(BUSINESS WIRE)--Neal Gerber Eisenberg (NGE) is pleased to announce that seven of its attorneys have received the 2023 Award for Excellence in Pro Bono Service from the U.S. District Court for the Northern District of Illinois and the Chicago Chapter of the Federal Bar Association. Jason Kim, Steven Pflaum and Kathleen Okon have been recognized for their work in Travon Howard v. Thomas Dart, et al. In this matter, their client alleged deliberate indifference of a guard at Cook County Jail and failure to take reasonable measures to provide medical treatment after he was attacked while in custody. The NGE attorneys worked diligently for three years, dedicating 471 hours to this matter. The case was ultimately settled on terms favorable to their client. Antony McShane and Charles Shih received this award for their representation of the plaintiff in Malcom Thomas, a.k.a. Mack Warren v. R. Ryan, et al. Their client alleged that correctional officers in Cook County Jail violated his constitutional rights during a strip search. In this matter, McShane and Shih provided their client with experienced and diligent representation that would otherwise have been unavailable to him. After devoting nearly 500 hours to this matter, the NGE attorneys obtained a reasonable settlement for Mr. Thomas. Kyle Rettberg received the award for his work on behalf of a minor injured while under her school’s care in Tyanne Fonza, as next friend of T.G., a minor v. Chicago Public Schools, et al. Rettberg pursued federal and state claims on behalf of Ms. Fonza, engaged in discovery, and obtained a favorable settlement. Rettberg then worked for a year after the agreed-to settlement to ensure the settlement funds were properly allocated in a manner that would help provide for the minor client’s future. Collette Woghiren received recognition for her work on behalf of her client in Lust v. Hayes, et al. Woghiren volunteered to represent her client in settlement negotiations related to claims that administrators and a lieutenant at the Cook County Jail failed to protect her client from an attack while in custody and failed to provide needed medical care afterwards. The case was ultimately settled on favorable terms. This is the fifth time the United States District Court and Chicago Chapter of the Federal Bar Association have honored Woghiren for her pro bono efforts; she was recognized in 2017, 2018 and twice in 2019. Since 2011, eighteen different NGE attorneys have received the Award for Excellence in Pro Bono Service. The awards were presented at the Court’s 23rd Annual Excellence in Pro Bono and Public Interest Service Award Ceremony on May 1, 2023. Starting with a focus on basic human needs – health care, housing, education, employment and a safe living environment – NGE’s pro bono activities broadly extend to representations bearing on other essential attributes of a just and humane society. As a gold-level member of the Chicago Bar Foundation Law Firm Leadership Circle, NGE has established goals that the firm’s attorneys will each devote at least 50 hours per year to pro bono, and that the firm averages at least 50 hours of pro bono service per year per attorney. More than 5,600 hours of pro bono time were worked in 2022 with 100 percent of practice groups participating in these efforts. About NGE Neal Gerber Eisenberg is a leading law firm dedicated to handling sophisticated matters for entrepreneurs, public companies, and private businesses and their owners. More than one-third of the lawyers at Neal Gerber Eisenberg were recognized in 2022 in Best Lawyers, and the firm represents scores of the Fortune 100 and many of the best known private companies. The firm also acts as the trusted advisers to nonprofits, startups, growth companies and entrepreneurs. The firm has built over thirty years of trusted partnerships with clients that span the globe, and we meet each unique client need with the same personalized service and collaboration that provide the most practical solutions for every matter.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) [(“Merrimack” or the “Company”)] today announced its first quarter 2023 financial results for the period ended March 31, 2023. “During the first quarter of 2023 our operating expenses remained consistent with prior quarters and were reduced both by proceeds we received from the receipt of an option fee paid in connection with the entry into an asset purchase option agreement on a preclinical asset and increased interest income” said Gary Crocker, Chairman of Merrimack's Board of Directors. “We continue to be focused on maintaining cash balances that will allow us to be in a position to receive potential milestone payments from Ipsen and Elevation under the programs that we previously sold to them.” First Quarter 2023 Financial Results Merrimack reported a net loss of $271 thousand for the first quarter ended March 31, 2023, or $0.02 per basic and diluted share on a fully diluted basis, compared to a net loss of $132 thousand, or $0.01 per basic and diluted share on a fully diluted basis, for the same period in 2022. Merrimack reported a gain on the sale of assets for the first quarter ended March 31, 2023, of $139 thousand, attributable to an asset purchase option agreement on a preclinical program, compared to $445 thousand related to an asset sale in the same period in 2022. Interest income in the first quarter ended March 31, 2023, was $176 thousand compared to no interest income for the same period in 2022. General and administrative expenses for the first quarter ended March 31, 2023, were $586 thousand, compared to $577 thousand for the same period in 2022. As of March 31, 2023, Merrimack had cash and cash equivalents of $19.4 million, compared to $19.4 million as of December 31, 2022. As of March 31, 2023, Merrimack had 14.3 million shares of common stock outstanding. Updates on Programs Underlying Potential Milestone Payments Ipsen Metastatic Pancreatic Ductal Adenocarcinoma In November 2022, Ipsen announced the Phase III NAPOLI 3 trial of Onivyde (irinotecan liposome injection) plus 5-fluorouracil/leucovorin and oxaliplatin (the “NALIRIFOX regimen”) met its primary endpoint demonstrating clinically meaningful and statistically significant improvement in overall survival compared to nab-paclitaxel plus gemcitabine in 770 previously untreated patients with mPDAC and key secondary efficacy outcome of progression-free survival (PFS) also showed significant improvement over the comparator arm. Ipsen also announced that the safety profile of Onivyde in the NAPOLI 3 trial was consistent with those observed in the previous phase I/II mPDAC study. In January 2023, Ipsen presented clinical trial results at the 2023 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium. In February 2023 Ipsen provided guidance to investors that it intends to file a supplemental New Drug Application with the U.S. Food and Drug Administration during the first half of 2023 following the Fast Track Designation granted in 2020 for the use of Onivyde in combination with oxaliplatin plus 5-fluorouracil/leucovorin for the treatment of patients with previously untreated mPDAC. Small Cell Lung Cancer In August 2022, Ipsen announced that the Phase III RESILIENT trial did not meet its primary endpoint of overall survival compared to topotecan. The trial is evaluating Onivyde versus topotecan in patients with small cell lung cancer, who have progressed on or after platinum-based first-line therapy treatment. In the announcement, Ipsen indicated that detailed results from the RESILIENT trial would be presented at an upcoming medical conference. The analysis concluded that the primary endpoint overall survival was not met in patients treated with Onivyde versus topotecan. However, a doubling of the secondary endpoint of objective response rate in favor of Onivyde was observed. In the August 2022 announcement, Ipsen reported that the clinical study results would be communicated with the regulatory agency. Ipsen indicated that while the results from the analysis of the RESILIENT trial have not demonstrated an overall survival benefit with Onivyde in patients in second-line small cell lung cancer, Ipsen intends to analyze the data further before decisions regarding next steps are made. To date, there have been no further announcements by Ipsen regarding these matters and it remains unclear as to whether Ipsen will continue to seek approval for the use of Onivyde in the small cell lung cancer application. If Ipsen elects not to proceed with seeking regulatory approval, or if regulatory approval is not obtained, Merrimack would not be entitled to the $150 million milestone payment tied to FDA approval of Onivyde for treatment of small cell lung cancer. Elevation Oncology In January 2023, Elevation announced it is pausing further investment in the clinical development of seribantumab and intends to pursue further development only in collaboration with a partner. On March 14, 2021 Elevation Oncology announced that it would be presenting two posters on NRG1 fusions, including updated data from the Phase 2 CRESTONE study evaluating seribantumab in patients with solid tumors harboring NRG1 fusions at the American Association for Cancer Research (AACR) Annual Meeting 2023, being held April 14-19, 2023. If Elevation elects not to proceed with seeking regulatory approval, or if regulatory approval is not obtained, Merrimack would not be entitled to the $54.5 million in additional potential development, regulatory approval and commercial-based milestone payments. About Merrimack Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. in April 2017. These milestone payments would be payable by Ipsen upon approval by the U.S. Food and Drug Administration (“FDA”) of ONIVYDE for certain additional clinical indications. ONIVYDE® is already approved by the FDA in combination with fluorouracil (5-FU) and leucovorin (LV) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. This existing approval is unrelated to any future potential milestone payments. Merrimack’s agreement with Ipsen does not require Ipsen to provide Merrimack with any information on the progress of ONIVYDE clinical trials that is not publicly available. Merrimack is also entitled to receive up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019. Forward Looking Statements To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include any statements about Merrimack’s strategy, future operations, future financial position, future revenues and future expectations and plans and prospects for Merrimack, and any other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue” and similar expressions. In this press release, Merrimack’s forward-looking statements include, among others, Merrimack’s rights to receive payments related to certain milestone events or whether such milestones will be achieved, if at all, the sufficiency of Merrimack’s cash resources and Merrimack’s strategic plan, including any potential distribution of additional cash. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others: Positive information about pre-clinical and early stage clinical trial results does not ensure that later stage or larger scale clinical trials will be successful. For example, Onivyde® may not demonstrate promising therapeutic effect or appropriate safety profiles in current or later stage or larger scale clinical trials as a result of known or as yet unanticipated side effects. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards or to justify further development. Problems or delays may arise prior to the initiation of planned clinical trials, during clinical trials or in the course of developing, testing or manufacturing that could lead Ipsen and Elevation Oncology and their partners and collaborators to fail to initiate or to discontinue development. Even if later stage clinical trials are successful, unexpected concerns may arise from subsequent analysis of data or from additional data. Obstacles may arise or issues may be identified in connection with review of clinical data with regulatory authorities. Regulatory authorities may disagree with Ipsen and Elevation Oncology’s view of the data or require additional data or information or additional studies. In addition, the planned timing of initiation and completion of clinical trials based upon Onivyde® and the anti-HER Program are subject to the ability of each of Ipsen and Elevation Oncology, respectively, to enroll patients, enter into agreements with clinical trial sites and investigators, and overcome technical hurdles and other issues related to the conduct of the trials for which each of them is responsible. Additionally, each of Ipsen and Elevation Oncology are subject to the risk that they may not successfully commercialize these development programs. Merrimack is also subject to the risk that it may not have funding sufficient for its foreseeable and unforeseeable operating expenses and capital expenditure requirements. In addition, press releases and other public statements by Ipsen and Elevation Oncology may contain forward-looking statements. Merrimack undertakes no obligation to update or revise any forward-looking statements. Forward-looking statements should not be relied upon as representing Merrimack’s views as of any date subsequent to the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Merrimack’s business in general, see the “Risk Factors” section of Merrimack’s Annual Report on Form 10-K filed with the SEC on March 9, 2023, any subsequent quarterly report on Form 10-Q filed by Merrimack and the other reports Merrimack files with the Securities and Exchange Commission.

BERWYN, Pa.--(BUSINESS WIRE)--Virpax® Pharmaceuticals, Inc. (“Virpax” or the “Company”) (NASDAQ: VRPX), a company specializing in developing non-addictive products for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders and anti-viral indications, today announced that Mr. Anthony P. Mack, Chairman and Chief Executive Officer, will present and host one-on-one meetings with investors at the Sidoti May Virtual Investor Conference, taking place on May 10-11, 2023. The presentation will begin at 10:45 ET on Thursday, May 11th, and can be accessed live here. Virpax will also host virtual one-on-ones with investors on Wednesday and Thursday, May 10-11, 2023. To register for the presentation or one-on-ones, visit www.sidoti.com/events. Registration is free and you don't need to be a Sidoti client. About Sidoti & Company For nearly 25 years, Sidoti & Company, LLC (www.sidoti.com) has been a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $200 million-$5 billion market cap range. Sidoti’s coverage universe comprises upwards of 200 names of which about one-third participate in the firm’s rapidly growing Company Sponsored Research (“CSR”) program. Sidoti is also a leading provider of corporate access through the eight investor conferences it hosts each year. Our small- and microcap-focused nationwide sales force, which has relationships with approximately 500 institutional clients in North America, enables the firm to provide multiple forums for meaningful interaction for small and microcap issuers and investors specifically interested in companies in the sector. About Virpax Pharmaceuticals Virpax is developing branded, non-addictive pain management products candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval for two prescription drug candidates that employ two different patented drug delivery platforms. Probudur™ is a single injection liposomal bupivacaine formulation being developed to manage post-operative pain and Envelta™ is an intranasal molecular envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET)) to develop two other product candidates. PES200 is a product candidate being developed to manage post-traumatic stress disorder (PTSD) and NobrXiol™ is a product candidate being developed for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of rare pediatric epilepsy. Virpax recently acquired global rights to NobrXiol. Virpax is also seeking approval of two nonprescription product candidates: AnQlar, which is being developed to inhibit viral replication caused by influenza or SARS-CoV-2, and Epoladerm™, which is a topical diclofenac spray film formulation being developed to manage pain associated with osteoarthritis. For more information, please visit virpaxpharma.com and follow us on Twitter, LinkedIn and YouTube.

NEW YORK--(BUSINESS WIRE)--Noom for Work, the commercial leader in behavior change, announced today that it would deliver two new preventive health solutions to commercial members of CareFirst BlueCross BlueShield’s (CareFirst): Noom Weight and Noom’s Diabetes Prevention Program. Beginning April 3, 2023, both programs will be accessed via CareFirst WellBeing℠ as a benefit to all commercial members, opening up always-on access to Noom’s psychology-based app for the full member population. Users will take a brief assessment in the app to determine the program that best fits their profile. For some users, Noom Weight, the organization’s flagship program, will be the best fit. Powered by psychology, Noom Weight uses evidence-based techniques to empower behavior change. It’s a personalized, mind-first approach that combines technology and human coaching to create healthier habits that lead to long-lasting results. Features of Noom Weight include curriculum that teaches users the why behind their habits and how to change them; modular daily lessons, tailored to each person’s goals; education tracking, food logging, and ability to connect to other devices (scales, wearables) for immediate feedback and positive reinforcement; and one-on-one coaching and peer support groups to help improve outcomes via encouragement, accountability, and goal setting. “Partnering with Noom to integrate its solutions into the CareFirst WellBeing application was a natural move for the redesigned platform,” said Mack McGee, Vice President and Chief Marketing Officer of CareFirst. “With specific focus on preventive care to yield better health outcomes, CareFirst WellBeing is prioritizing innovative programs that fit into daily life and meet people where they are in their healthcare journey. This partnership with Noom will empower the people we serve to take charge of their health through healthier habits and weight management to mitigate chronic conditions, and we’re excited to see the benefits it brings to our members.” For other individuals at risk for type 2 diabetes, they will receive Noom’s Diabetes Prevention Program (DPP) - the first CDC-recognized digital behavior change program tailored to support those who have early indicators of the disease. Eligible members will be screened for enrollment based on meeting standard criteria for prediabetes and access a digital experience similar to Noom Weight, but tailored to a prediabetes audience. DPP carries the same core features of Noom’s Weight program, but also includes daily lessons tailored to each user’s goals and aligned with CDC requirements, including a weekly exercise minutes goal tracker and one-on-one coaching with trained DPP lifestyle coaches, with a heavier emphasis on peer support and group interaction. According to the CDC, more than 72% of the Adult US population is overweight, and more than half of that population is obese, with trends predicted to increase every year - and 47% of chronic conditions can be attributed to being overweight. “So much of the impact on weight in the US is based on the lifestyle choices we make and we know how hard it is to retrain your brain to develop healthier habits in a way that is easy, accessible and personalized. We’re extremely excited to partner with an innovative organization like CareFirst who is prioritizing the health of its members with programs like Noom, which can be accessed by its full population to help develop healthier habits that last, ultimately reduce the risk of chronic conditions and the prevalence of type 2 diabetes,” said Matt Mouradian, General Manager of Healthcare at Noom. About Noom Noom is a psychology-based digital health platform powered by data, technology, and human coaches that helps millions of people meet their personal health and wellness goals from weight management to diabetes prevention to stress reduction. The company has been awarded multiple grants from the National Institutes of Health and was the first mobile application to be recognized by the Centers for Disease Control and Prevention as a certified diabetes prevention program. Headquartered in New York City, Noom has been named one of Inc.’s Best Places to Work, Quartz’s Best Workplaces for Remote Workers, and Fortune’s Best Workplaces in Technology.

NEW YORK--(BUSINESS WIRE)--Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today reported its financial results for the quarter ended March 31, 2023. The Company’s first quarter 2023 GAAP net income was $36.7 million, or $0.26 per diluted share of common stock, and Distributable Earnings (a non-GAAP financial measure defined below) was $40.3 million, or $0.29 per diluted share of common stock. First Quarter 2023 Highlights Originated a $101 million hospitality loan, which was fully funded at closing. Funded approximately $226 million of follow-on fundings related to the existing loan portfolio. Received loan repayment proceeds of $211 million. Paid a cash dividend of $0.37 per share of common stock for the first quarter of 2023. “I’m pleased with our execution in the very dynamic macroenvironment of the first quarter,” said Richard Mack, Chief Executive Officer and Chairman of CMTG. “The underlying credit quality of our portfolio remained consistent quarter-over-quarter. Looking ahead, we recognize the inherent challenges in this volatile market and remain cautious. However, our cycle-tested team also believes that the current rising rate environment could provide exceptional opportunities to finance high-quality transitional commercial real estate projects at an attractive basis and risk-adjusted return.” Teleconference Details A conference call to discuss CMTG’s financial results will be held on Wednesday, May 3, 2023, at 9:00 a.m. ET. The conference call may be accessed by dialing 1-833-470-1428 and referencing the Claros Mortgage Trust, Inc. teleconference call; access code 101625. The conference call will also be broadcast live over the internet and may be accessed through the Investor Relations section of CMTG’s website at www.clarosmortgage.com. The earnings presentation accompanying this release and containing supplemental information about the Company’s financial results may also be accessed through this website in advance of the call. For those unable to listen to the live broadcast, a webcast replay will be available on CMTG’s website or by dialing 1-866-813-9403, access code 565082, beginning approximately two hours after the event. About Claros Mortgage Trust, Inc. CMTG is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. Additional information can be found on the Company’s website at www.clarosmortgage.com. Forward-Looking Statements Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CMTG intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by CMTG’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of CMTG’s performance in future periods. Except as required by law, CMTG does not undertake any obligation to update or revise any forward-looking statements contained in this release. Definitions Distributable Earnings: Distributable Earnings is a non-GAAP measure used to evaluate the Company’s performance excluding the effects of certain transactions, non-cash items and GAAP adjustments, as determined by our Manager, which the Company believes are not necessarily indicative of the Company’s current performance and operations. Distributable Earnings is a non-GAAP measure, which the Company defines as net income as determined in accordance with GAAP, excluding (i) non-cash stock-based compensation expense (income), (ii) real estate depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market valuation changes (other than permanent impairments) that are included in net income for the applicable period, (iv) one-time events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of the Company’s Manager, should not be included in Distributable Earnings. The Company believes that Distributable Earnings provides meaningful information to consider in addition to the Company’s net income and cash flows from operating activities determined in accordance with GAAP. The Company believes the Distributable Earnings measure helps it to evaluate the Company’s performance excluding the effects of certain transactions, non-cash items and GAAP adjustments, as determined by the Company’s Manager, that it believes are not necessarily indicative of the Company’s current performance and operations. Distributable Earnings does not represent net income or cash flows from operating activities and should not be considered as an alternative to GAAP net income, an indication of the Company’s cash flows from operating activities, a measure of the Company’s liquidity or an indication of funds available for the Company’s cash needs. In addition, the Company’s methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures and, accordingly, the Company’s reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. In order to maintain the Company’s status as a REIT, the Company is required to distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain, as dividends. Distributable Earnings, and other similar measures, have historically been a useful indicator of mortgage REITs’ ability to cover their dividends, and to mortgage REITs themselves in determining the amount of any dividends. Distributable Earnings is a key factor considered by the board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors. Accordingly, the Company believes providing Distributable Earnings on a supplemental basis to the Company’s net income as determined in accordance with GAAP is helpful to its stockholders in assessing the overall performance of its business. While Distributable Earnings excludes the impact of the Company’s provision for current expected credit loss reserve, loan losses are charged off and recognized through Distributable Earnings when deemed non-recoverable. Non-recoverability is determined (i) upon the resolution of a loan (i.e. when the loan is repaid, fully or partially, or in the case of foreclosure, when the underlying asset is sold), or (ii) with respect to any amount due under any loan, when such amount is determined to be non-collectible. Claros Mortgage Trust, Inc. Reconciliation of Distributable Earnings to Net Income Attributable to Common Stock (Amounts in thousands, except share and per share data) Three Months Ended March 31, 2023 December 31, 2022 Net income (loss) attributable to common stock: $ 36,678 $ (22,653 ) Adjustments: Non-cash stock-based compensation expense 3,366 3,427 (Reversal of) provision for current expected credit loss reserve (3,239 ) 71,377 Depreciation expense 2,058 2,039 Unrealized loss (gain) on interest rate cap 1,404 (429 ) Distributable Earnings prior to principal charge-offs $ 40,267 $ 53,761 Principal charge-offs - (27 ) Distributable Earnings $ 40,267 $ 53,734 Weighted average diluted shares – Distributable Earnings 140,568,979 140,616,356 Distributable Earnings per share prior to principal charge-offs $ 0.29 $ 0.38 Distributable Earnings per share $ 0.29 $ 0.38