LAKEWAY, Texas, Sept. 24, 2019 /PRNewswire/ — JFL Capital Management, LLC (together with its affiliates, “JFL Capital”), the largest stockholder of Merrimack Pharmaceuticals, Inc. (“Merrimack” or the “Company”) (NASDAQ: MACK), with ownership of approximately 9.4% of the Company’s outstanding shares, announced today that it has withdrawn its solicitation in connection with the Company’s 2019 annual meeting of stockholders (the “Annual Meeting”).
In response to JFL Capital initiating its campaign for change at Merrimack, the Company has undergone significant changes, including multiple cash distributions and most recently appointing two stockholder representative to its Board of Directors (the “Board”). We hope the newly appointed Board members will focus on cost containment, continued NOL safeguarding, and milestone payment and stockholder distribution maximization. JFL Capital is pleased to have served as the catalyst for these much needed changes, and, as a result, has determined to withdraw its slate of nominees for election at the Annual Meeting.
JFL Capital is hopeful that the newly appointed stockholder representatives on the Board will ensure that future payments from Ipsen and 14ner Oncology are distributed to stockholders in their entirety. It is the Board’s responsibility to ensure an orderly and cost effective liquidation.
JFL Capital intends to monitor the situation closely and encourages the Board to consider further cost savings such that more cash can be returned to the Company’s stockholders.
Joseph F. Lawler M.D., Ph.D.
SOURCE JFL Capital Management, LLC