Merrimack Pharmaceuticals to lay off remaining staff

Merrimack Pharmaceuticals will lay off its entire staff, including its CEO and CFO, as operations continue to wind down over the next two months, according to Biospace.

The company announced the job cuts and a deal to sell its assets to 14ner Oncology for up to $58 million May 30. The drugmaker also will discontinue its preclinical programs.

The decision comes after months of financial struggles for the once-thriving pharmacy company. It recently cut 60 percent of its staff after a phase 2 trial for one of its lead drugs flopped.

The decision will affect its 27 employees. At its peak, the drugmaker employed more than 425 people.

Read the full report here.

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